-----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, WivQcZXW+e1wnfenlNQwpW1v7BSzzAlRFWrFOofr1yey29kzjwptW2ORYqjWX9ks 3eJ70o3BRWvsgRYOU1U+hA== 0000950129-03-002439.txt : 20030502 0000950129-03-002439.hdr.sgml : 20030502 20030502153925 ACCESSION NUMBER: 0000950129-03-002439 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030430 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOBLE ENERGY INC CENTRAL INDEX KEY: 0000072207 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 730785597 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07964 FILM NUMBER: 03679723 BUSINESS ADDRESS: STREET 1: 350 GLENBOROUGH STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77067 BUSINESS PHONE: 2818723100 MAIL ADDRESS: STREET 1: 350 GLENBOROUGH STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77067 FORMER COMPANY: FORMER CONFORMED NAME: NOBLE AFFILIATES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NOBLE AFFILIATES INC DATE OF NAME CHANGE: 20020426 8-K 1 h05413e8vk.txt NOBLE ENERGY, INC.- APRIL 30, 2003 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K ---------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): APRIL 30, 2003 NOBLE ENERGY, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) DELAWARE 001-07964 73-0785597 - ------------------------------- ----------- ------------------- (State or other jurisdiction of Commission (I.R.S. Employer incorporation or organization) File Number Identification No.) 350 GLENBOROUGH, SUITE 100 HOUSTON, TEXAS 77067 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (281) 872-3100 ---------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) ================================================================================ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following exhibits are furnished as part of this current Report on Form 8-K: 99.1 Press Release dated April 30, 2003. ITEM 9. REGULATION FD DISCLOSURE. The following information is being furnished pursuant to Item 12 "Disclosure of Results of Operations and Financial Condition," and is included under this Item 9 in accordance with the procedure guidance in SEC Release No. 33-8216. On April 30, 2003 Noble Energy, Inc. (the "Company") issued a press release announcing its financial results for its fiscal first quarter ended March 31, 2003. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1. The press release shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section. The Company's press release contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Pursuant to the requirements of Regulation G, the Company has provided quantitative reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NOBLE ENERGY, INC. Date: April 30, 2003 By: /s/ ALBERT D. HOPPE -------------------------------- Albert D. Hoppe Senior Vice President, General Counsel and Secretary INDEX TO EXHIBITS
Item Exhibit ---- ------- 99.1 Press Release dated April 30, 2003.
EX-99.1 3 h05413exv99w1.txt PRESS RELEASE DATED APRIL 30, 2003 EXHIBIT 99.1 (NOBLE ENERGY LOGO) NEWS RELEASE CONTACT: Greg Panagos: 281-872-3125 Investor_Relations@nobleenergyinc.com NOBLE ENERGY, INC. ANNOUNCES FIRST QUARTER 2003 RESULTS Company Reports Strongest Discretionary Cash Flow Since First Quarter 2001 HOUSTON (April 30, 2003) -- Noble Energy, Inc. (NYSE: NBL) today reported first quarter net income of $40.7 million, or 71 cents per share, before the adoption of Statement of Financial Accounting Standards (SFAS) No. 143, "Accounting for Asset Retirement Obligations." The company's reported first quarter 2003 earnings, before the cumulative effect of change in accounting principle, compares to a net loss of $15.1 million, or 26 cents per share, for the same period last year. On January 1, 2003, the company adopted SFAS No. 143 and recorded a one-time, non-cash after-tax charge of $5.8 million as the cumulative effect of the change in accounting principle. Including the effects of SFAS No. 143, Noble Energy reported net income of $34.9 million, or 61 cents per share. Discretionary cash flow (see Determination of Discretionary Cash Flow and Reconciliation schedule) for the first quarter 2003 was $176.0 million compared to $91.3 million last year. The increase in net income and discretionary cash flow versus the first quarter last year primarily reflected higher realized commodity prices. The company's improved financial performance also resulted from the recent start-up of two significant international projects, production from the Cheng Dao Xi (CDX) field in the south Bohai Bay in China and electrical power production in Ecuador. As a result, Noble Energy experienced strong year-on-year improvements across all of its business units. Realized natural gas prices for the first quarter 2003 were $4.65 per thousand cubic feet (Mcf), more than double last year's $2.31 per Mcf. Realized crude oil prices were $29.43 per barrel (Bbl), an increase of 48 percent compared to $19.83 per Bbl for the first quarter 2002. Realized methanol prices were 66 cents per gallon (Gal) for the first quarter 2003, an increase of 128 percent over 29 cents per Gal for the same period last year. Charles D. Davidson, the company's Chairman, President and CEO, said, "High commodity prices certainly had a strong positive impact on our first quarter financial performance, leading to our highest reported discretionary cash flow since the first quarter of 2001. More importantly, I'm quite pleased with the progress the company has made operationally. We have completed yet another successful international project with the start up of our Bohai Bay field in January. Meanwhile, our natural gas project in Israel and the expansion in Equatorial Guinea are on track for fourth quarter start-ups. Our domestic drilling and production programs are off to a strong start this year, resulting in growth in domestic production over the fourth quarter of 2002." Compared to the fourth quarter 2002, overall production volumes for the first quarter 2003 increased over four percent to 101,235 barrels of oil equivalent per day (Boepd) from 96,898 Boepd. Domestic operations had a production increase of one-half percent compared to the fourth quarter 2002. International volumes increased 14 percent compared to the fourth quarter 2002, primarily because of increased crude oil volumes resulting from the start-up of production in China. First quarter 2003 production volumes declined one percent to 101,235 Boepd from 102,416 Boepd for the same period last year. The decline in volumes was attributable to natural decline rates for domestic natural gas in the Gulf of Mexico and the onshore Gulf Coast region, partially offset by increased international volumes from China, Ecuador and Equatorial Guinea. Oil and gas operating costs for the three months ending March 31, 2003 were $4.98 per barrel of oil equivalent (BOE) compared to $3.51 per BOE for the same period last year. The quarter-on-quarter increase in per BOE oil and gas operating costs was primarily due to lower production volumes, increased production taxes resulting from higher natural gas and crude oil prices and increased ad valorem taxes. Other miscellaneous cost increases also contributed to higher operating costs. Depreciation, depletion and amortization also increased to $9.03 per BOE compared to $8.19 per BOE in the first quarter of 2002. The increase was primarily due to the adoption of SFAS No. 143, increased capitalized costs for the expansion projects in Equatorial Guinea and the initial capital carry associated with the company's joint venture with Aspect Energy. DOMESTIC OPERATIONS Domestic operations reported operating income for the first quarter of $51.0 million, including the $8.9 million pretax charge for the cumulative effect of adopting SFAS No. 143, compared to an operating loss of $13.8 million for the first quarter last year. Domestic operations benefited from higher realized prices for crude oil and natural gas during the quarter, which increased 44 percent and 117 percent, respectively, compared to the first quarter of 2002. The average domestic realized crude oil price was $26.49 per Bbl compared to $18.37 per Bbl during the first quarter of 2002. The average domestic realized natural gas price was $5.35 per Mcf compared to $2.47 per Mcf last year. These increases were partially offset by a year-on-year decline in production volumes. Oil and gas operating expense increased $5.2 million compared to the first quarter of 2002, primarily because of increased production taxes associated with higher commodity prices and increased ad valorem taxes. Two large deepwater Gulf of Mexico projects commenced production during the first quarter. Green Canyon 136 #8 (Shasta), in which Noble Energy has a 25 percent working interest, began production in January and is currently producing 5.5 million cubic feet of natural gas per day (MMcfpd), net to Noble Energy. At Green Canyon 282 (Boris), in which Noble Energy has a 25 percent working interest, Boris #1 began producing February 3 and is currently producing 3,725 barrels of oil per day (Bopd) and 6.0 MMcfpd, net to Noble Energy. Boris #2 is expected to begin production by the middle of the third quarter 2003. Noble Energy expects that production from Boris #1 and Boris #2 will be flow line constrained at 4,500 Bopd and 7.0 MMcfpd, net to the company. In the traditional Gulf of Mexico shallow shelf, South Timbalier 169 #A-7 (100 percent to Noble Energy) was completed as a discovery well in March 2003. Net to Noble Energy, the well is currently producing at a rate of 8.5 million cubic feet equivalent per day. Noble Energy's domestic onshore operations were very active during the quarter, drilling 10 exploration and development wells with six successes. The company plans to drill a total of 75 onshore wells in 2003, of which 40 are scheduled for the Gulf Coast area and 35 are scheduled for the Mid-continent and Rocky Mountain areas. During the first three months of 2003, Noble Energy participated in 13 gross domestic exploration and development wells, of which eight, or 62 percent, were successful. Compared to the fourth quarter 2002, domestic production volumes increased to 67,727 Boepd from 67,378 Boepd. The increase in production volumes was due to the start-up of Boris #1 and Shasta. 2 Domestic production volumes declined to 67,727 Boepd in the first quarter of 2003 from 76,527 Boepd last year. The decline in production volumes was primarily due to natural decline rates in the Gulf of Mexico and onshore Gulf Coast region. In January, Noble Energy announced that the company had begun a process of reviewing and rationalizing its asset portfolio in order to focus on high-quality, core properties with significant upside potential. Subject to board approval, any sales that may occur are expected to be completed by year-end. Current production from the properties considered for sale ranges from 4,000 to 4,500 Bopd and from 26 to 30 MMcfpd, net to Noble Energy. Approximately 70 percent of reserves associated with the properties are crude oil. INTERNATIONAL OPERATIONS International operations reported record operating income for the first quarter of $36.3 million compared to operating income of $10.7 million in the first quarter last year. First quarter 2003 results reflected a year-on-year increase in production volumes, higher realized commodity prices, income from the Machala power plant in Ecuador and start-up of production in China. International operations benefited from higher realized prices for crude oil during the quarter, which increased 50 percent compared to the first quarter of 2002. The average international realized crude oil price was $32.26 per Bbl compared to $21.44 per Bbl during the first quarter of 2002. The average international realized natural gas price, excluding Ecuador, decreased eight percent to $1.18 per Mcf, compared to $1.28 per Mcf last year. First quarter 2003 international production volumes increased 29 percent to 33,508 Boepd from 25,889 Boepd last year. The increase in production volumes was primarily due to the start-up of crude oil production in China and natural gas production in Ecuador. Additional natural gas and condensate production in Equatorial Guinea also contributed to increased volumes. Equatorial Guinea Total operating income in Equatorial Guinea, which includes results from field operations and methanol, for the first quarter of 2003 was $24.0 million compared to $6.5 million last year. Operating income from Equatorial Guinea was the country's highest since methanol operations began in May 2001. Liquid petroleum gas (LPG), natural gas and condensate sales accounted for $11.3 million, or 47 percent, of operating income from Equatorial Guinea. First quarter 2003 production volumes averaged 13,496 Boepd, a 19 percent increase over last year. The average realized price for liquids during the first quarter was $30.01 per Bbl compared to $20.99 per Bbl for the same period last year. Natural gas was sold to the Atlantic Methanol Production Company (AMPCO) at a price of 25 cents per Mcf. AMPCO, an unconsolidated subsidiary in which the company owns a 45 percent interest, produced $12.7 million of operating income net to Noble Energy's interest. AMPCO results are reported as income from unconsolidated subsidiaries. First quarter realized methanol prices averaged 66 cents per Gal compared to 29 cents per Gal last year. The company's share of AMPCO methanol sales volumes was 34.5 million Gal, an increase of 12 percent compared to 30.9 million Gal for the first quarter of 2002. North Sea In the North Sea, operating income for the first quarter of 2003 doubled to $15.4 million compared to $7.6 million last year. The quarter-on-quarter improvement reflects higher commodity prices and lower exploration expense, partially offset by lower crude oil and natural gas volumes and higher depreciation, depletion and amortization. 3 North Sea production for the first quarter of 2003 was 10,189 Boepd compared to 11,398 Boepd last year, reflecting natural field decline. Other International Other international includes operating results from Argentina, China, Ecuador, Israel and Vietnam. Noble Energy's Machala power plant contributed $5.7 million of operating income during the first quarter 2003. During the quarter, 223,206 megawatts (MW) were produced at an average sales price of 8.7 cents per kilowatt hour (Kwh). For the first quarter 2003, Noble Energy produced 25.7 MMcfpd of natural gas from the Amistad field at an average price of $3.97 per Mcf. During the first four months of 2003, both of the plant's transformers failed while under warranty. Both transformers have been replaced. In south Bohai Bay offshore China, production commenced from the CDX field on January 13, 2003. Initial production, net to Noble Energy, was 3,400 Bopd from three wells. Production is currently 4,100 Bopd, net to Noble Energy. The company expects production volumes to continue to increase gradually as wells and facility operations are optimized. Noble Energy has a 57 percent working interest in this project. During the first quarter 2003, the company recorded a $10.3 million pretax exploration charge for the Huizhou 9-2-1 well in the Pearl River Mouth Basin of the South China Sea. Huizhou 9-2-1 was a crude oil discovery made in 2001; however, follow up wells did not result in sufficient hydrocarbons to merit commercial development. Noble Energy is one of the nation's leading independent energy companies and operates throughout major basins in the United States including the Gulf of Mexico, as well as internationally, in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea and Vietnam. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. This news release may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Noble Energy's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, the volatility in commodity prices for oil and gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are detailed in its Securities and Exchange Commission filings. -xxx- 4 NOBLE ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED SUMMARY OF RESULTS (Unaudited) (In thousands, except per share)
Three Months Ended ------------------------------ 3/31/2003 3/31/2002 ------------ ------------ REVENUES Oil and Gas Sales and Royalties $ 248,495 $ 146,072 Gathering, Marketing and Processing 17,900 14,781 Electricity Sales 19,325 Income (Loss) From Unconsol. Subs 12,732 (425) Other Income 169 3,007 ------------ ------------ 298,621 163,435 ------------ ------------ COST AND EXPENSES Oil and Gas Operations 45,366 32,375 Transportation 3,539 4,773 Oil and Gas Exploration 35,402 36,405 Gathering, Marketing and Processing 18,444 13,085 Electricity Generation 13,586 Depreciation, Depletion and Amortization 82,276 75,502 Selling, General and Administrative 13,629 11,323 Interest Expense 17,790 15,419 Interest Capitalized (1,930) (4,351) ------------ ------------ 228,102 184,531 ------------ ------------ INCOME (LOSS) BEFORE INCOME TAXES 70,519 (21,096) INCOME TAX PROVISION (BENEFIT) Current 24,698 (4,438) Deferred 5,125 (1,560) ------------ ------------ 29,823 (5,998) ------------ ------------ INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 40,696 (15,098) CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX (5,839) ------------ ------------ NET INCOME (LOSS) $ 34,857 $ (15,098) ============ ============ INCOME (LOSS) PER SHARE BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $ 0.71 $ (0.26) INCOME (LOSS) PER SHARE FROM CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (0.10) ------------ ------------ NET INCOME (LOSS) PER SHARE $ 0.61 $ (0.26) ============ ============ AVERAGE SHARES OUTSTANDING 57,376 57,014
NOBLE ENERGY, INC. AND SUBSIDIARIES DETERMINATION OF DISCRETIONARY CASH FLOW AND RECONCILIATION (Unaudited) (In thousands)
Three Months Ended ------------------------------ 03-31-03 03-31-02 ------------ ------------ Net Income (Loss) $ 34,857 $ (15,098) Depreciation, Depletion and Amortization (DD&A) 82,276 75,502 Power Project DD&A 7,565 Oil and Gas Exploration 35,402 36,405 Interest Capitalized (1,930) (4,351) Undistributed (Earnings) Loss From Unconsol. Subs. (12,732) 425 Distribution From Unconsol. Subs. 12,375 Change in Accounting Principle 5,839 Allowance for Doubtful Accounts 4,936 Deferred Income Tax Provision (Benefit) 5,125 (1,560) Accretion of Interest Expense - FAS 143 2,333 ------------ ------------ DISCRETIONARY CASH FLOW * $ 176,046 $ 91,323 Adjustments to Reconcile: Working Capital $ (6,741) $ (22,034) Cash Exploration Costs (9,286) (9,585) Capitalized Interest 1,930 4,351 Deferred Tax, Misc. Credits and Other (3,576) 10,116 ------------ ------------ Net Cash Provided by Operating Activities $ 158,373 $ 74,171 ============ ============
* The table above reconciles discretionary cash flow to net cash provided by operating activities. While discretionary cash flow is not a GAAP measure of financial performance, management believes it is a good tool for internal use and the investment community in evaluating the company's overall financial performance. Among management, professional research analysts, portfolio managers and investors following the oil and gas industry, discretionary cash flow is broadly used as an indicator of a company's ability to fund exploration and production activities and meet financial obligations. Discretionary cash flow is also commonly used as a basis to value and compare companies in the oil and gas industry. CONSOLIDATED CONDENSED BALANCE SHEET (Unaudited) (In thousands)
03-31-03 12-31-02 ------------ ------------ ASSETS Current Assets $ 423,474 $ 310,374 ------------ ------------ Property, Plant and Equipment 4,531,729 4,334,015 Less: Accumulated Depreciation (2,288,420) (2,194,230) ------------ ------------ 2,243,309 2,139,785 Investment In Unconsol. Subs 235,978 234,668 Other 52,457 45,188 ------------ ------------ $ 2,955,218 $ 2,730,015 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 571,824 $ 471,754 Long-term Debt 958,450 977,116 Deferred Income Taxes, Other Deferred Credits and Noncurrent Liabilities 393,390 271,759 Shareholders' Equity 1,031,554 1,009,386 ------------ ------------ $ 2,955,218 $ 2,730,015 ============ ============
NOBLE ENERGY, INC. INCOME BEFORE INCOME TAXES (Unaudited) (Dollars in thousands) THREE MONTHS ENDED 03/31/03
EQUATORIAL OTHER CORPORATE CONSOLIDATED DOMESTIC NORTH SEA GUINEA INTERNATIONAL[1] AND OTHER[2] ------------ ----------- ----------- ----------- ---------------- ------------ REVENUES Oil Sales $ 100,003 $ 44,177 $ 23,599 $ 16,900 $ 15,327 Gas Sales [3] 148,492 142,146 5,349 970 27 Gathering, Marketing and Processing Revenue 17,900 17,900 Electricity Sales 19,325 19,325 Income from Unconsolidated Subsidiaries 12,732 12,732 Other 169 (1,029) (23) (162) 1,383 ----------- ----------- ----------- ----------- ----------- ----------- Total Revenues 298,621 185,294 28,925 30,602 34,517 19,283 COSTS AND EXPENSES Oil and Gas Operations 45,366 31,982 2,935 4,285 4,829 1,335 Transportation 3,539 2,268 1,271 Oil and Gas Exploration 35,402 21,221 605 46 13,040 490 Gathering, Marketing and Processing Expense 18,444 18,444 Electricity Generation 13,586 13,586 DD&A 82,276 67,878 7,727 2,175 4,038 458 SG&A 13,629 4,188 60 840 8,541 Interest Expense (net) 15,860 15,860 ----------- ----------- ----------- ----------- ----------- ----------- Total Costs and Expenses 228,102 125,269 13,535 6,566 37,604 45,128 OPERATING INCOME (LOSS) $ 70,519 $ 60,025 $ 15,390 $ 24,036 $ (3,087) $ (25,845) Cumulative Effect of SFAS 1438,983 8,983 ----------- ----------- ----------- ----------- ----------- ----------- OPERATING INCOME AFTER CUMULATIVE EFFECT $ 61,536 $ 51,042 $ 15,390 $ 24,036 $ (3,087) $ (25,845) =========== =========== =========== =========== =========== =========== KEY STATISTICS: DAILY PRODUCTION Liquids (Bbl) 37,757 18,528 7,594 6,257 5,378 Natural Gas (Mcf) 380,868 295,192 15,572 43,436 26,668 AVERAGE REALIZED PRICE Liquids $ 29.43 $ 26.49 $ 34.53 $ 30.01 $ 31.66 Natural Gas $ 4.65 $ 5.35 $ 3.82 $ 0.25 $ 0.32
THREE MONTHS ENDED 03/31/02
EQUATORIAL OTHER CORPORATE CONSOLIDATED DOMESTIC NORTH SEA GUINEA INTERNATIONAL[1] AND OTHER[2] ------------ ----------- ----------- ----------- ---------------- ------------ REVENUES Oil Sales $ 61,362 $ 29,818 $ 15,877 $ 9,552 $ 6,090 $ 25 Gas Sales 84,710 78,924 5,720 825 66 (825) Gathering, Marketing and Processing Revenue 14,781 14,781 Electricity Sales Income from Unconsolidated Subsidiaries (425) (425) Other 3,007 2,947 127 1 25 (93) ----------- ----------- ----------- ----------- ----------- ----------- Total Revenues 163,435 111,689 21,724 9,953 6,181 13,888 COSTS AND EXPENSES Oil and Gas Operations 32,375 26,790 2,355 2,095 1,151 (16) Transportation 4,773 2,449 2,324 Oil and Gas Exploration 36,405 29,762 2,178 36 3,430 999 Gathering, Marketing and Processing Expense 13,085 13,085 Electricity Generation DD&A 75,502 64,135 7,191 1,144 2,452 580 SG&A 11,323 4,765 (35) 204 192 6,197 Interest Expense (net) 11,068 11,068 ----------- ----------- ----------- ----------- ----------- ----------- Total Costs and Expenses 184,531 125,452 14,138 3,479 9,549 31,913 OPERATING INCOME (LOSS) $ (21,096) $ (13,763) $ 7,586 $ 6,474 $ (3,368) $ (18,025) =========== =========== =========== =========== =========== =========== KEY STATISTICS: DAILY PRODUCTION Liquids (Bbl) 34,381 18,053 8,235 5,056 3,037 Natural Gas (Mcf) 408,209 350,843 18,975 37,538 853 AVERAGE REALIZED PRICE Liquids $ 19.83 $ 18.37 $ 21.42 $ 20.99 $ 22.27 Natural Gas $ 2.31 $ 2.47 $ 3.35 $ 0.24 $ 0.86
AMPCO METHANOL OPERATIONS (Unaudited) (Dollars in thousands)
Three Months Ended ----------------------------- 3/31/2003 3/31/2002 ------------ ------------ REVENUES Methanol Sales $ 22,595 $ 8,835 Sales of Purchased Methanol 2,058 Other 1,635 1,100 ------------ ------------ Total Revenues 26,288 9,935 COSTS AND EXPENSES Cost of Goods Manufactured 8,577 7,533 Cost of Purchased Methanol 2,016 DD&A 2,408 2,412 SG&A 555 416 ------------ ------------ Total Costs and Expenses 13,556 10,361 INCOME/(LOSS) FROM UNCONS. SUBS $ 12,732 $ (426) ============ ============ Methanol Sales (MGal) 34,486 30,941 Average Realized Price ($/Gal) $ 0.66 $ 0.29
ECUADOR POWER OPERATIONS (Unaudited) (Dollars in thousands)
Three Months Ended ----------------------------- 3/31/2003 3/31/2002 ------------ ------------ REVENUES Power Sales $ 17,495 $ -- Capacity Charge 1,830 Other 16 ------------ ------------ Total Revenues 19,325 16 COSTS AND EXPENSES Field Lease Operating 639 DD&A 6,725 31 SG&A 543 Interest (882) Plant Fuel 4,059 Non-Fuel 779 Depreciation 841 12 Interest (1,044) ------------ ------------ Total Costs and Expenses 13,586 (1,883) ------------ ------------ OPERATING INCOME $ 5,739 $ 1,899 ============ ============ Natural Gas Production (Mcfpd) [3] 25,733 Average Natural Gas Price $ 3.97 Power Production - Total MW 223,206 Average Power Price ($/Kwh) $ 0.087
- ---------- [1] Other international includes operations in Argentina, China, Ecuador, Israel and Vietnam. [2] Corporate and Other includes corporate overhead, intercompany eliminations and marketing. [3] Ecuador natural gas volumes are included in Other International and Consolidated production, but are not included in natural gas sales revenue for either. Because the gas-to-power project in Ecuador is 100 percent owned by Noble Energy, intercompany natural gas sales are eliminated for accounting purposes. -----END PRIVACY-ENHANCED MESSAGE-----