-----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, Pt16vRYZUHDv3fyT2xLm39MpQ0GkzGSdJe3dBHC2QZq5AIhF/KiZdkWEBry9xhTN K3b3h1webWyZmN6eacaBcg== 0000950129-96-000694.txt : 19960429 0000950129-96-000694.hdr.sgml : 19960429 ACCESSION NUMBER: 0000950129-96-000694 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960426 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960426 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNION TEXAS PETROLEUM HOLDINGS INC CENTRAL INDEX KEY: 0000774214 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760040040 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09019 FILM NUMBER: 96551660 BUSINESS ADDRESS: STREET 1: 1330 POST OAK BLVD CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136236544 MAIL ADDRESS: STREET 1: 1330 POST OAK BLVD CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 UNION TEXAS PETROLEUM HOLDINGS, INC. - FORM 8-K 1 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 26, 1996 UNION TEXAS PETROLEUM HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delaware 1-9019 76-0040040 (State or other (Commission (I.R.S. Employer jurisdiction File Number) Identification No.) of incorporation) 1330 Post Oak Boulevard, Houston, Texas 77056 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (713) 623-6544 2 Item 5. OTHER EVENTS. Press Release. The information set forth in the press release of the registrant dated April 23, 1996, which is filed as an exhibit hereto, is incorporated herein by reference. Item 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits:
Exhibit Number Description - ------ ----------- 99.1 Press release dated April 23, 1996
3 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. UNION TEXAS PETROLEUM HOLDINGS, INC. By: /s/ Newton W. Wilson, III ----------------------------------- Newton W. Wilson, III General Counsel, Vice President-Administration and Secretary Date: April 26, 1996 4 INDEX TO EXHIBITS
Exhibit Number Description - ------ ----------- 99.1 Press release dated April 23, 1996
EX-99.1 2 PRESS RELEASE DATED 04/23/96 1 EXHIBIT 99.1 UNION TEXAS PETROLEUM (LETTERHEAD) NEWS RELEASE Contact: Carol L. Cox (713) 968-2714 UNION TEXAS PETROLEUM REPORTS STRONG PRODUCTION PERFORMANCE IN 1996 FIRST QUARTER ON TRACK FOR RECORD PRODUCTION LEVELS IN 1996 Houston, April 23, 1996 -- Union Texas Petroleum Holdings, Inc. today reported 1996 first quarter earnings of 54 cents per share, compared to 53 cents per share in 1995's corresponding period, resulting from 1996 first quarter net income of $48 million, versus $47 million in the same quarter a year ago. Sales and operating revenues for 1996's first quarter totaled $258 million, up from $240 million a year ago, due principally to increased oil volumes and higher oil and liquefied natural gas (LNG) prices. "Union Texas' worldwide oil and gas business benefited from higher sales volumes in our U.K. North Sea operations and increased prices for oil and LNG during 1996's first quarter. This strong performance more than offset a decline in ethylene margins at our petrochemical operations in the United States," said Chairman and CEO John Whitmire. Worldwide, Union Texas posted a 7% gain in its production volumes during the first quarter of 1996, producing an average of approximately 145,000 barrels of oil equivalent a day compared to about 135,000 barrels a year ago. "Given our excellent production performance during 1996's first quarter, we are on track to exceed last year's record production," Whitmire added. -more- 2 2. Whitmire also noted that the company used approximately $71 million of its excess cash flow during the first three months of 1996 to pay down debt. Since acquiring a 15.5% working interest in the U.K. North Sea's Alba oil field in July 1995 for $270 million, Union Texas has reduced its debt through March 1996 by about $130 million. In the U.K. North Sea, Union Texas recorded a 24% increase in its oil and gas sales volumes from the first quarter of 1995, primarily reflecting the company's Alba acquisition. Mr Whitmire noted that the production contribution from Alba had exceeded the company's expectations, with production from Alba averaging about 74,000 gross barrels of oil per day during 1996's first quarter. A production test on a recently drilled extended-reach well to the southern part of the Alba block yielded about 30,000 gross barrels of oil per day. The Alba venture plans an expansion of the field's production facilities to handle up to 100,000 gross barrels of oil a day by the end of 1996. In the first quarter of 1996, the company's average sales price for worldwide crude oil was $17.93 per barrel, up from $16.27 a year ago. Union Texas' average LNG sales prices, which are set monthly based on a "basket" of world oil prices, also rose during the first three months of 1996, to $3.30 per thousand cubic feet versus $3.07 in 1995's same period. At the company's petrochemical operations in the United States, ethylene margins declined during the first quarter of 1996 to approximately 3 cents per pound of ethylene, compared to 16 cents a year ago. "Although we experienced lower ethylene sales prices primarily due to the industry's excess supply during 1996's first quarter, we have been encouraged by recent strengthening in ethylene prices," Whitmire commented. - more - 3 3. One of the largest independent producers located in the U.S., Houston-based Union Texas Petroleum Holdings, Inc. (NYSE: UTH) explores for and produces oil and gas overseas primarily in the U.K. North Sea, Indonesia and other strategic areas. The company has petrochemical operations in Louisiana. Union Texas celebrated its 100th anniversary in January 1996. Comparative financial highlights follow (amounts in millions, except per share data):
THREE MONTHS ENDED MARCH 31, ---------------------------- 1996 1995 ---- ---- Net income . . . . . . . . . . . . . . . . $ 48 $ 47 Earnings per share . . . . . . . . . . . . $ .54 $ .53 Sales and operating revenues . . . . . . . $ 258 $ 240 Average common shares outstanding . . . . . 87.6 87.6
Additional financial and operating information appears on the attached pages. - more - 4 4. UNION TEXAS PETROLEUM FINANCIAL SUMMARY (amounts in millions, except per share data)
FIRST QUARTER -------------------------- 1996 1995 ------ ------ Sales and operating revenues $ 258 $ 240 Net income $ 48 $ 47 Major operations (a) Indonesia $ 37 $ 28 U.K. North Sea $ 29 $ 18 Pakistan $ 6 $ 4 Petrochemicals $ 2 $ 12 Earnings per share of common stock $ .54 $ .53 Discretionary cash flow (b) $ 112 $ 112 Major operations (a) Indonesia $ 51 $ 44 U.K. North Sea $ 65 $ 51 Pakistan $ 8 $ 8 Petrochemicals $ 5 $ 19 Average common shares 87.6 87.6
See footnotes on page 6. - more - 5 5. UNION TEXAS PETROLEUM DISCRETIONARY CASH FLOW SUMMARY (b) (amounts in millions)
FIRST QUARTER ------------------------------ 1996 1995 ------ ------ Net income $ 48 $ 47 Less: Equity partnership income $ (9) $ (5) Add: DD&A $ 55 $ 47 Deferred taxes $ (8) $ (2) Exploration expenses $ 14 $ 15 Unimar equity DCF (c) $ 12 $ 10 Discretionary cash flow $ 112 $ 112
See footnotes on page 6. OPERATING SUMMARY (d)
FIRST QUARTER ----------------------------- 1996 1995 ------ ------ Net crude oil sales (MBBLS/D) U.K. North Sea 46 37 Indonesia 8 6 Pakistan 6 5 Average crude oil prices (per BBL) U.K. North Sea $18.09 $16.34 Indonesia $18.34 $17.28 Pakistan $16.17 $14.62 Net natural gas sales (MMCF/D) Indonesian LNG 241 242 U.K. North Sea 59 44 Pakistan 43 43 Average natural gas prices (per MCF) Indonesian LNG $ 3.30 $ 3.07 U.K. North Sea (e) $ 2.50 $ 3.01 Pakistan $ 1.29 $ 1.30 Ethylene (per LB) Sales price $ .18 $ .28 Margins $ .03 $ .16 Sales volumes (MLBS/D)(f) 1,180 1,338
See footnotes on page 6. - more - 6 6. FOOTNOTES (a) Excludes corporate items and other worldwide exploration ventures. (b) Discretionary cash flow (DCF) is net income (less equity partnership income) excluding depreciation, deferred taxes, and exploration expenses, plus the company's estimated share of discretionary cash flow from its equity interest in its Unimar partnership's Indonesian operations. (c) Unimar equity DCF reflects the company's estimated share of discretionary cash flow from its equity interest in its Unimar partnership's Indonesian operations. (d) Excludes the Unimar equity partnership. (e) Excludes capacity charge of $17 million and $17 million in the first quarters of 1996 and 1995, respectively, from the North and South Sean gas fields in the U.K. North Sea. (f) Represents Union Texas' 41.67% net interest in the jointly-owned Geismar ethylene plant in Louisiana. # # # -----END PRIVACY-ENHANCED MESSAGE-----