-----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, DISbp2Ba5j5cIqXNd0RFkASDTH3zecGM+uPMfu08FnR6cpKU5SyEFR4CDG15j9Oj kSG6HZFtOpiuebjOburzlQ== 0000950129-98-000516.txt : 19980211 0000950129-98-000516.hdr.sgml : 19980211 ACCESSION NUMBER: 0000950129-98-000516 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19980205 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980210 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED MERIDIAN CORP CENTRAL INDEX KEY: 0000818885 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752160316 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12088 FILM NUMBER: 98529951 BUSINESS ADDRESS: STREET 1: 1201 LOUISIANA STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7136549110 MAIL ADDRESS: STREET 1: 1201 LOUISIANA STREET 2: STE 1400 CITY: HOUSTON STATE: TX ZIP: 77002 8-K 1 UNITED MERIDIAN CORPORATION - DATED 02/05/98 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 - FEBRUARY 5, 1998 (DATE OF EARLIEST EVENT REPORTED) UNITED MERIDIAN CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) COMMISSION FILE NO. 1-12088 DELAWARE 75-2160316 - -------------------------- ------------------- (STATE OF INCORPORATION) (I.R.S. EMPLOYER IDENTIFICATION NO.) 1201 LOUISIANA, SUITE 1400, HOUSTON, TEXAS 77002-5603 - ------------------------------------------------------------------------------ (ADDRESS OF PRINCIPAL (ZIP CODE) EXECUTIVE OFFICES) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 654-9110 2 Item 5. Other Events On February 5, 1998, United Meridian Corporation, a Delaware corporation (the "Company"), and Ocean Energy, Inc., a Delaware corporation ("OEI"), announced that the close of business on Friday, February 20, 1998, has been set as the record date for their respective shareholders to be entitled to vote at the UMC Special Meeting and the OEI Annual Meeting. The purpose of the UMC Special Meeting is to consider and vote upon the proposed merger between UMC and OEI. On February 6, 1998, UMC announced that the government of the Republic of Angola has awarded it a participation in the deepwater Block 19 concession group with a 20% interest. On February 10, 1998, UMC announced that proved energy reserves at year-end 1997 reached a record 162 million barrels of oil equivalent (MMBOE), 36% greater than the 120 MMBOE reported at year-end 1996. On February 10, 1998, UMC announced record net income of $19.8 million ($0.56 Basic Earnings per share) for the year ended December 31, 1997. Registrant is filing as exhibits to this Report press releases announcing the above-described events. Such exhibits are incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. *99.1 Press Release, dated February 5, 1998 *99.2 Press Release, dated February 6, 1998 *99.3 Press Release, dated February 10, 1998 *99.4 Press Release, dated February 10, 1998 - ---------------- * filed herewith [The remainder of this page is intentionally left blank.] 2 3 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 hereunto duly authorized. UNITED MERIDIAN CORPORATION By: /s/ CHRISTOPHER E. CRAGG ----------------------------------------- Christopher E. Cragg Vice President, Controller and Chief Accounting Officer Dated: February 10, 1998 3 4 INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION - ----------- ----------- *99.1 Press Release, dated February 5, 1998 *99.2 Press Release, dated February 6, 1998 *99.3 Press Release, dated February 10, 1998 *99.4 Press Release, dated February 10, 1998
- -------------- * filed herewith EX-99.1 2 PRESS RELEASE - DATED 2/5/98 1 EXHIBIT 99.1 MONDAY, FEBRUARY 2, 1998 CONTACT: JEANNE BUCHANAN UNITED MERIDIAN CORPORATION (713) 653-5095 MICHAEL O. ALDRIDGE OCEAN ENERGY, INC. (504) 927-1450 UNITED MERIDIAN, OCEAN ENERGY SET RECORD DATE FOR MEETINGS TO CONSIDER MERGER Houston, TX and Baton Rouge, LA - United Meridian Corporation (UMC) and Ocean Energy, Inc. (NYSE: OEI) have set the close of business on Friday, February 20, as the record date for the UMC Special Meeting and the OEI Annual Meeting. The purpose of the Meetings is to consider and vote upon the proposed merger between UMC and OEI. The date of the Meetings remains to be determined pending the timing of clearance of the joint proxy statement by the Securities and Exchange Commission. United Meridian Corporation is a Houston-based independent energy company engaged in the exploration, exploitation and acquisition of crude oil and natural gas properties in the United States and Canada. UMC also has exploration and development activities in West Africa's Cote d'Ivoire and Equatorial Guinea, and has recently commenced exploration programs in Pakistan and Bangladesh. The company's stock is traded on the New York Stock Exchange under the symbol UMC. Ocean Energy, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. EX-99.2 3 PRESS RELEASE - DATED 2/6/98 1 EXHIBIT 99.2 FRIDAY, FEBRUARY 6, 1998 CONTACT: JEANNE BUCHANAN (713) 653-5095 UNITED MERIDIAN AWARDED DEEPWATER BLOCK IN ANGOLA Houston, TX - United Meridian Corporation (UMC) today announced that the government of the Republic of Angola has awarded it a participation in the deepwater Block 19 concession group with a 20% interest. The 1.2 million-acre block, located squarely in the exploration fairway offshore Angola, is approximately 30 miles south of Block 17 where major oil companies have recently reported oil discoveries believed to contain recoverable oil reserves in excess of three billion barrels. "With the award of Block 19, UMC holds interests in approximately 3.5 million acres, the equivalent of 700 blocks in the Gulf of Mexico, throughout the high-potential, West African deepwater turbidite deposition oil play," said John B. Brock, UMC chairman and chief executive officer. "Our net position in Block 19 alone is about the equivalent of 48 Gulf OCS blocks. "Because of our reputation as a proven international oil finder and our access to attractive opportunities worldwide, we continually are able to add aggressively sought-after concessions such as Block 19 to our international exploration portfolio," Brock continued. "Existing seismic data strongly suggest that Block 19 is geologically on trend with recent, large discoveries on Blocks 14 and 17, all of which are located within the Congo Basin. We look forward to this initial venture with Sonangol and the government of Angola and to exploring the potential of this Block with their distinctive work force and experience," Brock concluded. UMC's partners in the Block include Sonangol, the national oil company of Angola (20%), Ranger Oil (25%), the operator Petrofina (30%), and an Israeli company (5%). United Meridian Corporation is a Houston-based independent energy company engaged in the exploration, exploitation and acquisition of crude oil and natural gas properties in the United States and Canada. UMC also has exploration and development activities in West Africa's Cote d'Ivoire and Equatorial Guinea, and has recently commenced exploration programs in Pakistan and Bangladesh. The company's stock is traded on the New York Stock Exchange under the symbol UMC. EX-99.3 4 PRESS RELEASE - DATED 2/10/98 1 EXHIBIT 99.3 TUESDAY, FEBRUARY 10, 1998 CONTACT: JEANNE BUCHANAN (713) 653-5095 UMC INCREASES RESERVES 36 PERCENT, REPLACES 366 PERCENT OF PRODUCTION Houston, TX -- United Meridian Corporation today announced that proved energy reserves at year-end 1997 reached a record 162 million barrels of oil equivalent (MMBOE), 36% greater than the 120 MMBOE reported at year-end 1996. After record production volumes of 55 billion cubic feet (BCF) of gas and 8 million barrels of oil, gas reserves totaled 560 BCF and crude oil reserves totaled 69 million barrels compared to year-end 1996 totals of 451 BCF and 45 million barrels. Proved oil reserves accounted for 42 percent of UMC's total proved reserves compared to 37 percent at year-end 1996, a significant step toward achieving the company's goal of more balanced production and reserves. During 1997, the company replaced 366 percent of total production with additions to proved reserves, marking the eighth straight year the company has more than replaced its oil and gas production. UMC achieved this at an all-sources finding cost of $5.47 per barrel of oil equivalent (including additions, revisions of prior reserve estimates, and acquisitions). UMC's North American activities accounted for 58 percent of the company's total reserves and West Africa contributed the balance. On the continued success of the company's drilling program on Block B in Equatorial Guinea, UMC doubled proved oil reserves in the country, booking 40 million barrels (net). "Proved reserves are at the highest level in the company's history, driven by our most active annual drilling program to date," said chairman and chief executive officer John B. Brock. "We drilled 337 wells in 1997 and had an 84% success rate compared to 169 wells drilled in 1996 and a success rate of 80%. We expect 1998 to be another record-breaking year as we complete the merger with Ocean Energy and drill many of the high-impact prospects in our respective exploration inventories." United Meridian Corporation is a Houston-based independent energy company engaged in the exploration, exploitation and acquisition of natural gas and crude oil properties in the United States and Canada. Internationally, the company has exploration and development activities in West Africa's Cote d'Ivoire and Equatorial Guinea, and was recently awarded a block offshore Angola. UMC also has exploration programs underway in Pakistan and Bangladesh. The company's common stock is traded on the New York Stock Exchange under the symbol UMC. 2 UNITED MERIDIAN CORPORATION DECEMBER 31, 1997 PROVED RESERVE RECONCILIATION
UNITED IVORY EQUATORIAL STATES CANADA COAST GUINEA TOTAL ---------- ---------- ---------- ---------- ---------- NATURAL GAS (MMCF) - ------------------------------------ December 31, 1996 297,532 62,781 90,410 0 450,723 Revisions of Previous Estimates 5,716 533 14,174 0 20,423 Additions 35,687 17,775 3,370 0 56,832 Improved Recoveries 0 3,327 0 0 3,327 Production (42,238) (7,630) (4,939) 0 (54,807) Purchases of Reserves In-Place 41,876 21,377 33,275 0 96,528 Sales of Reserves In-Place (12,474) (301) 0 0 (12,775) ---------- ---------- ---------- ---------- ---------- December 31, 1997 326,099 97,862 136,290 0 560,251 ========== ========== ========== ========== ========== CRUDE OIL (MBBLS) - ------------------------------------ December 31, 1996 16,941 3,499 4,150 19,940 44,530 Revisions of Previous Estimates (780) 192 854 441 707 Additions 2,950 156 218 24,086 27,410 Improved Recoveries 0 25 0 0 25 Production (2,214) (439) (1,027) (4,453) (8,133) Purchases of Reserves In-Place 4,436 45 1,062 0 5,543 Sales of Reserves In-Place (1,167) (95) 0 0 (1,262) ---------- ---------- ---------- ---------- ---------- December 31, 1997 20,166 3,383 5,257 40,014 68,820 ========== ========== ========== ========== ==========
3 UNITED MERIDIAN CORPORATION DECEMBER 31, 1997 PROVED RESERVE RECONCILIATION
UNITED IVORY EQUATORIAL STATES CANADA COAST GUINEA TOTAL ---------- ---------- ---------- ---------- ---------- TOTAL MBOE - ------------------------------------ December 31, 1996 66,530 13,963 19,218 19,940 119,651 Revisions of Previous Estimates 173 281 3,216 441 4,111 Additions 8,898 3,119 780 24,086 36,883 Improved Recoveries 0 580 0 0 580 Production (9,254) (1,711) (1,850) (4,453) (17,268) Purchases of Reserves In-Place 11,415 3,608 6,608 0 21,631 Sales of Reserves In-Place (3,246) (145) 0 0 (3,391) ---------- ---------- ---------- ---------- ---------- December 31, 1997 74,516 19,695 27,972 40,014 162,197 ========== ========== ========== ========== ========== 1997 Capital Expenditures $ 154,165 $ 27,832 $ 56,931 $ 127,074 $370,096 (1) Less: LPG Plant -- -- (17,229) -- (17,229) Corporate Items (6,816) (284) -- -- (7,100) ---------- ---------- ---------- ---------- ---------- 1997 Drill Bit & Acq Capital 147,349 27,548 39,702 127,074 345,767 (1) 1997 Drill Bit Capital 94,287 17,994 39,702 127,074 283,151 (1) 1997 Acquisition Costs 53,062 9,554 -- -- 62,616 All Sources Finding Costs ($/BOE) $ 7.19 $ 3.63 $ 3.74 $ 5.18 $ 5.47 Finding Costs with Drill Bit ($/BOE) $ 10.39 $ 4.52 $ 9.94 $ 5.18 $ 6.81 Acquisition Costs ($/BOE) $ 4.65 $ 2.65 -- -- $ 2.89
(1) Total Company includes $4,094 of Other International Capital Expenditures. EX-99.4 5 PRESS RELEASE - DATED 2/10/98 1 EXHIBIT 99.4 TUESDAY, FEBRUARY 10, 1998 CONTACT: JEANNE BUCHANAN (713) 653-5095 UNITED MERIDIAN POSTS RECORD NET INCOME, CASH FLOW ON INCREASED PRODUCTION VOLUME IN FOURTH QUARTER AND FULL-YEAR 1997 Houston, TX - For the sixth consecutive year, United Meridian Corporation (UMC) achieved record production volumes, pushing 1997 financial results to all-time highs. FULL-YEAR 1997 RESULTS On a greater number of shares outstanding, net income in 1997 rose 14% to a record $19.8 million, or $.56 per share, on total revenues of $264.9 million. An 85% increase in oil production, sharp declines in operating costs on a barrel equivalent basis, and good control of other cash costs drove discretionary cash flow up 37% to an all-time high $165.2 million, or $4.64 per share. By comparison, full-year 1996 net income totaled $17.4 million, or $.53 per share, on total revenues of $236.4 million, which included a $29 million pre-tax gain on the sale of properties. Discretionary cash flow for 1996 was $121 million, or $4.02 per share. "UMC chalked up another year of record financial and operating results, including net income and cash flow," said John B. Brock, UMC chairman and chief executive officer. "Our production growth has now averaged 30% over the past five years. And we exited the year producing 19% more than we averaged during 1997. By continuing to invest in high-impact drilling projects, we expect similar production growth in 1998 and beyond, 2 providing a substantial foundation for increased profitability, cash flow and shareholder value following our planned merger with Ocean Energy in March. "We ended 1997 with the highest level of reserves in company history. Total proved reserves increased 36% and we replaced 366% of our production at low finding costs," Brock continued. "Looking at 1998, our aggressive drilling program is designed to continue capturing the upside potential of our exploration inventory, with particular emphasis in the Gulf of Mexico and offshore West Africa. At the same time, we will continue to add high-impact properties to our core areas, illustrated by our newly awarded block in Angola located in the heart of the West Africa deepwater play." UMC increased 1997 production volumes to 17.3 million barrels of oil equivalent (MMBOE), 27% higher than the 13.6 MMBOE produced a year ago. Reflecting a full year of production from Equatorial Guinea's Block B, crude oil volumes averaged 22,300 barrels a day compared to 12,000 barrels averaged in 1996. Increased production helped to offset the effect of lower oil prices during the year, particularly in the fourth quarter. UMC oil sales averaged $17.87 per barrel, down $3.07 a barrel from 1996 price realizations. Daily gas production averaged 150 million cubic feet (MMCF) in 1997 versus 152 MMCF averaged in 1996. Improved volume in the fourth quarter helped to offset the loss of gas production associated with properties sold earlier in the year. The company received $2.04 per thousand cubic feet (MCF) of gas in 1997 versus $2.07 per MCF in 1996. Accompanying the record production in 1997 was a 12% decline in operating costs (production, general and administrative, and depreciation, depletion and amortization) on a unit-of-production basis. Year-over-year, production costs (including ad valorem taxes) fell from $3.76 per barrel of oil equivalent (BOE) to $3.27 per BOE. UMC reduced general and administrative expense by 15% to $.79 per BOE. Depreciation, depletion and amortization expense was $5.58 per BOE compared to $6.23 per BOE in 1996. 3 UMC's capital expenditures during 1997 totaled $370 million compared to $190 million in 1996. Of this amount, $103 million and $180 million were allocated to exploration and development activities, respectively. The company spent $63 million to acquire interests in producing properties. International spending totaled $188 million, or 51% of total capital expenditures. To help fund its aggressive capital program, UMC used cash on hand at the beginning of the year and drew on its bank revolver, increasing total long-term debt from $157 million in 1996 to $283 million at the end of 1997, including $150 million in subordinated debt. UMC did increase the capacity of its revolver to $300 million during the fourth quarter, leaving approximately $170 million of unused capacity at year end. Total debt represents 38% of UMC's total book capitalization. FOURTH QUARTER 1997 RESULTS On the strength of robust oil and gas production, UMC recorded respective 51% and 27% improvements in net income and discretionary cash flow during fourth quarter 1997, both record quarterly results. On a greater number of shares outstanding, net income totaled $8.5 million, or $.24 per share, compared to $5.6 million, or $.17 per share, in the prior-year period. Discretionary cash flow of $50.7 million compared to $40 million a year ago. Helping to mitigate the impact of falling oil prices, daily oil production during the quarter climbed 67% to average 27,700 barrels compared to 16,600 barrels in fourth quarter 1996. UMC received an average $17.31 a barrel, off $5.55 a barrel from year-ago realizations. For the fourth quarter, daily gas production increased 18% from an average 143 MMCF to 169 MMCF, reflecting the results of the successful development drilling program and 4 the acquisition of partnership and other interests in the third quarter. The company realized $2.27 per MCF versus $2.29 per MCF in fourth quarter 1996. United Meridian Corporation is a Houston-based independent energy company engaged in the exploration, exploitation and acquisition of crude oil and natural gas properties in the United States and Canada. UMC has exploration and development activities in West Africa's Cote d'Ivoire and Equatorial Guinea, and was recently awarded a block offshore Angola. UMC also has exploration programs underway in Pakistan and Bangladesh. The company's common stock is traded on the New York Stock Exchange under the symbol UMC. Financials follow. 5 CONSOLIDATED STATEMENT OF INCOME (In thousands, except per share amounts)
For the three months For the twelve months ended December 31, ended December 31, ------------------------- ------------------------ 1997 1996 1997 1996 ---------- --------- --------- --------- Revenues: Gas sales.......................................................... $ 35,156 $ 30,125 $ 111,663 $ 114,498 Oil sales ......................................................... 44,161 35,001 145,351 92,031 Gain on sale of assets ............................................ 1,954 3,624 4,851 29,021 Other ............................................................. 674 95 3,000 854 ---------- --------- --------- --------- 81,945 68,845 264,865 236,404 ---------- --------- --------- --------- Costs and expenses: Production costs .................................................. 17,258 16,079 56,492 51,298 General and administrative ........................................ 4,851 3,168 13,580 12,727 Exploration, including dry holes and impairments .................. 8,300 17,509 38,845 40,325 Depreciation, depletion and amortization .......................... 28,523 22,086 96,418 84,979 ---------- --------- --------- --------- 58,932 58,842 205,335 189,329 ---------- --------- --------- --------- Income from operations ............................................... 23,013 10,003 59,530 47,075 Other expenses and deductions: Interest and debt expense ......................................... (6,680) (5,991) (21,749) (22,811) Other ............................................................. 359 (798) 1,681 (844) ---------- --------- --------- --------- Income before income taxes ........................................... 16,692 3,214 39,462 23,420 Income tax benefit (provision): Current ........................................................... (1,265) (115) (6,220) (785) Deferred .......................................................... (6,962) 2,516 (13,455) (5,231) ---------- --------- --------- --------- Net income............................................................ $ 8,465 $ 5,615 $ 19,787 $ 17,404 ========== ========= ========= ========= Basic EPS............................................................. $ 0.24 $ 0.17 $ 0.56 $ 0.53 ========== ========= ========= ========= Weighted average number of common shares outstanding ................................................... 35,784 33,515 35,590 30,120 ========== ========= ========= ========= Diluted EPS........................................................... $ 0.23 $ 0.16 $ 0.54 $ 0.51 ========== ========= ========= ========= Weighted average number of common shares outstanding, including common share equivalents ................ 36,943 35,335 36,662 31,428 ========== ========= ========= ========= Cash flows from operations before changes in working capital ........................................ $ 50,712 $ 40,011 $ 165,230 $ 121,045 ========== ========= ========= =========
6 OTHER OPERATING DATA
For the three months For the twelve months ended December 31, ended December 31, ------------------------- ------------------------- 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Production: Oil (Mbbls) U.S ............................................. 641 451 2,214 2,022 Canada .......................................... 117 109 439 511 Cote d'Ivoire ................................... 209 233 1,027 894 Equatorial Guinea ............................... 1,583 738 4,453 967 ---------- ---------- ---------- ---------- Total ........................................ 2,550 1,531 8,133 4,394 Natural Gas (MMcf) U.S ............................................. 11,967 11,177 42,238 47,719 Canada .......................................... 2,220 1,427 7,630 5,339 Cote d'Ivoire ................................... 1,327 573 4,939 2,387 ---------- ---------- ---------- ---------- Total ........................................ 15,514 13,177 54,807 55,445 Average Daily Production: Oil (Mbbls) U.S ............................................. 6.9 4.9 6.1 5.5 Canada .......................................... 1.3 1.2 1.2 1.4 Cote d'Ivoire ................................... 2.3 2.5 2.8 2.5 Equatorial Guinea ............................... 17.2 8.0 12.2 2.6 ---------- ---------- ---------- ---------- Total ........................................ 27.7 16.6 22.3 12.0 Natural gas (MMcf) U.S ............................................. 130.1 121.5 115.7 130.4 Canada .......................................... 24.1 15.5 20.9 14.6 Cote d'Ivoire ................................... 14.4 6.2 13.6 6.5 ---------- ---------- ---------- ---------- Total ........................................ 168.6 143.2 150.2 151.5 Average Sales Prices: Oil ($ per barrel) U.S ............................................. $ 17.39 $ 23.62 $ 17.96 $ 20.91 Canada .......................................... $ 17.44 $ 22.40 $ 17.97 $ 19.43 Cote d'Ivoire ................................... $ 17.56 $ 23.83 $ 18.35 $ 20.56 Equatorial Guinea ............................... $ 17.24 $ 22.15 $ 17.71 $ 22.17 Total ........................................ $ 17.31 $ 22.86 $ 17.87 $ 20.94 Natural gas ($ per Mcf) U.S ............................................. $ 2.46 $ 2.38 $ 2.18 $ 2.15 Canada .......................................... $ 1.44 $ 1.72 $ 1.40 $ 1.44 Cote d'Ivoire ................................... $ 1.86 $ 1.95 $ 1.81 $ 1.80 Total ........................................ $ 2.27 $ 2.29 $ 2.04 $ 2.07
7 CONDENSED CONSOLIDATED BALANCE SHEET (In thousands, except percentages)
December 31, December 31, 1997 1996 -------- -------- Cash and cash equivalents .............................................................. $ 11,689 $ 54,942 Other current assets ................................................................... 96,475 101,219 Property and equipment net of accumulated depreciation, depletion and amortization ........................................................................ 740,972 524,189 Other assets ........................................................................... 35,889 37,943 -------- -------- Total assets ........................................................................... $885,025 $718,293 ======== ======== Current liabilities .................................................................... $106,712 $ 98,392 Long-term debt ......................................................................... 282,646 156,832 Other liabilities ...................................................................... 36,268 30,833 Equity ................................................................................. 459,399 432,236 -------- -------- Total liabilities and equity ........................................................... $885,025 $718,293 ======== ======== =================================================================================================================== Ratio of total debt to total book capitalization ....................................... 38% 27% ======== ======== Total debt ............................................................................. $283,557 $157,731 ======== ========
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