-----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, Gx/EIrjRPDNr962m1IbiS95uUjAcNIKEytDbwFC5njMMrAD1I80HyoYx4OaquRI1 kwwgz3inFC2VfcsnLiFbIg== 0000950129-99-001732.txt : 19990427 0000950129-99-001732.hdr.sgml : 19990427 ACCESSION NUMBER: 0000950129-99-001732 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENRON OIL & GAS CO CENTRAL INDEX KEY: 0000821189 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 470684736 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09743 FILM NUMBER: 99600564 BUSINESS ADDRESS: STREET 1: 1400 SMITH ST CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 7138535482 10-Q 1 ENRON OIL & GAS COMPANY - 3/31/99 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 ------------ FORM 10-Q ------------ |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1999 | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 1-9743 ENRON OIL & GAS COMPANY (Exact name of registrant as specified in its charter) DELAWARE 47-0684736 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1400 SMITH STREET, HOUSTON, TEXAS 77002-7369 (Address of principal executive offices) (zip code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 713-853-6161 ------------ 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 April 22, 1999. TITLE OF EACH CLASS NUMBER OF SHARES ------------------ ---------------- Common Stock, $.01 par value 153,741,324 shares ============================================================================== 2 ENRON OIL & GAS COMPANY TABLE OF CONTENTS
PAGE NO. -------- PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Consolidated Statements of Income - Three Months Ended March 31, 1999 and 1998..............................3 Consolidated Balance Sheets - March 31, 1999 and December 31, 1998..........................................4 Consolidated Statements of Cash Flows - Three Months Ended March 31, 1999 and 1998..........................5 Notes to Consolidated Financial Statements..................................................................6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..........................................................9 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings.............................................................................17 ITEM 6. Exhibits and Reports on Form 8-K..............................................................17
2 3 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ENRON OIL & GAS COMPANY CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, - --------------------------------------------------------------------------------------------------------- 1999 1998 NET OPERATING REVENUES Natural Gas Trade $ 117,267 $ 129,567 Associated Companies 12,843 23,023 Crude Oil, Condensate and Natural Gas Liquids Trade 26,517 30,237 Associated Companies 1,036 2,739 Gains on Sales of Reserves and Related Assets and Other, Net 1,291 14,265 ------------ ------------ TOTAL 158,954 199,831 OPERATING EXPENSES Lease and Well 24,069 24,909 Exploration Costs 16,789 17,398 Dry Hole Costs 345 7,881 Impairment of Unproved Oil and Gas Properties 8,003 8,348 Depreciation, Depletion and Amortization 82,022 71,961 General and Administrative 23,635 16,554 Taxes Other Than Income 13,695 14,494 ------------ ------------ TOTAL 168,558 161,545 ------------ ------------ OPERATING INCOME (LOSS) (9,604) 38,286 OTHER INCOME (EXPENSE), NET 26,938 (970) ------------ ------------ INCOME BEFORE INTEREST EXPENSE AND INCOME TAXES 17,334 37,316 INTEREST EXPENSE, NET 14,267 9,110 ------------ ------------ INCOME BEFORE INCOME TAXES 3,067 28,206 INCOME TAX PROVISION (BENEFIT) (1,999) 1,201 ------------ ------------ NET INCOME $ 5,066 $ 27,005 ============ ============ NET INCOME PER SHARE OF COMMON STOCK Basic $ 0.03 $ 0.17 ============ ============ Diluted $ 0.03 $ 0.17 ============ ============ AVERAGE NUMBER OF COMMON SHARES Basic 153,733 154,736 ============ ============ Diluted 154,615 155,522 ============ ============
The accompanying notes are an integral part of these consolidated financial statements. 3 4 PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) ENRON OIL & GAS COMPANY CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
MARCH 31, DECEMBER 31, 1999 1998 - --------------------------------------------------------------------------------------------------------- (UNAUDITED) ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 13,133 $ 6,303 Accounts Receivable Trade 153,940 176,608 Associated Companies 14,867 16,980 Inventories 38,384 39,581 Other 7,337 6,878 ------------ ------------ TOTAL 227,661 246,350 OIL AND GAS PROPERTIES (SUCCESSFUL EFFORTS METHOD) 4,903,390 4,814,425 Less: Accumulated Depreciation, Depletion and Amortization (2,222,074) (2,138,062) ------------ ------------ Net Oil and Gas Properties 2,681,316 2,676,363 OTHER ASSETS 81,258 95,382 ------------ ------------ TOTAL ASSETS $ 2,990,235 $ 3,018,095 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable Trade $ 131,287 $ 159,690 Associated Companies 44,934 46,597 Accrued Taxes Payable 15,469 20,087 Dividends Payable 4,721 4,710 Other 25,153 31,550 ------------ ------------ TOTAL 221,564 262,634 LONG-TERM DEBT Trade 1,170,518 942,779 Affiliate -- 200,000 OTHER LIABILITIES Trade 22,395 21,516 Associated Companies 31,378 46,327 DEFERRED INCOME TAXES 256,519 260,337 DEFERRED REVENUE 3,148 4,198 SHAREHOLDERS' EQUITY Common Stock, $.01 Par, 320,000,000 Shares Authorized and 160,000,000 Shares Issued 201,600 201,600 Additional Paid In Capital 401,462 401,524 Unearned Compensation (4,578) (4,900) Cumulative Foreign Currency Translation Adjustment (32,399) (35,848) Retained Earnings 838,825 838,371 Common Stock Held in Treasury, 6,263,376 shares at March 31, 1999 and 6,276,156 shares at December 31, 1998 (120,197) (120,443) ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 1,284,713 1,280,304 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,990,235 $ 3,018,095 ============ ============
The accompanying notes are an integral part of these consolidated financial statements. 4 5 PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) ENRON OIL & GAS COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, - --------------------------------------------------------------------------------------------------------- 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Reconciliation of Net Income to Net Operating Cash Inflows: Net Income $ 5,066 $ 27,005 Items Not Requiring (Providing) Cash Depreciation, Depletion and Amortization 82,022 71,961 Impairment of Unproved Oil and Gas Properties 8,003 8,348 Deferred Income Taxes (4,099) 5,500 Other, Net 3,036 2,286 Exploration Costs 16,789 17,398 Dry Hole Costs 345 7,881 Gains on Sales of Reserves and Related Assets and Other, Net 1 (12,954) Gain on Sale of Other Assets (27,991) -- Other, Net (9,094) (3,428) Changes in Components of Working Capital and Other Liabilities Accounts Receivable 23,730 38,955 Inventories 1,197 (2,315) Accounts Payable (33,873) (36,896) Accrued Taxes Payable (4,618) (9,411) Other Liabilities (475) (6,780) Other, Net (7,906) (5,141) Amortization of Deferred Revenue -- (10,688) Changes in Components of Working Capital Associated with Investing and Financing Activities 16,977 20,167 ------------ ------------ NET OPERATING CASH INFLOWS 69,110 111,888 INVESTING CASH FLOWS Additions to Oil and Gas Properties (91,501) (117,503) Exploration Costs (16,789) (17,398) Dry Hole Costs (345) (7,881) Proceeds from Sales of Reserves and Related Assets 88 3,303 Proceeds from Sale of Other Assets 39,700 -- Changes in Components of Working Capital Associated with Investing Activities (16,977) (20,144) Other, Net 254 (3,259) ------------ ------------ NET INVESTING CASH OUTFLOWS (85,570) (162,882) FINANCING CASH FLOWS Long-Term Debt Trade 227,739 215,425 Affiliate (200,000) (157,500) Dividends Paid (4,601) (4,633) Treasury Stock Purchased -- (7,231) Proceeds from Sales of Treasury Stock 184 755 Other, Net (32) (92) ------------ ------------ NET FINANCING CASH INFLOWS 23,290 46,724 ------------ ------------ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,830 (4,270) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 6,303 9,330 ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 13,133 $ 5,060 ============ ============
The accompanying notes are an integral part of these consolidated financial statements. 5 6 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 1. FINANCIAL STATEMENTS - (CONTINUED) ENRON OIL & GAS COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated financial statements of Enron Oil & Gas Company and subsidiaries (the "Company") included herein have been prepared by management without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods. Certain information and notes normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior period financial statements to conform with the current presentation. As more fully discussed in Notes 1 and 14 to the consolidated financial statements included in the Company's 1998 Annual Report on Form 10-K, the Company engages in price risk management activities from time to time primarily for non-trading and to a lesser extent for trading purposes. Derivative financial instruments (primarily price swaps and costless collars) are utilized for non-trading purposes to hedge the impact of market fluctuations on natural gas and crude oil market prices. Hedge accounting is utilized in non-trading activities when there is a high degree of correlation between price movements in the derivative and the item designated as being hedged. Gains and losses on derivative financial instruments used for hedging purposes are recognized as revenue in the same period as the hedged item. Gains and losses on hedging instruments that are closed prior to maturity are deferred in the consolidated balance sheets. In instances where the anticipated correlation of price movements does not occur, hedge accounting is terminated and future changes in the value of the derivative are recognized as gains or losses using the mark-to-market method of accounting. Derivative and other financial instruments utilized in connection with trading activities, primarily price swaps and call options, are accounted for using the mark-to-market method, under which changes in the market value of outstanding financial instruments are recognized as gains or losses in the period of change. The cash flow impact of derivative and other financial instruments used for non-trading and trading purposes is reflected as cash flows from operating activities in the consolidated statements of cash flows. 2. Natural gas revenues, trade for the three-month periods ended March 31, 1999 and 1998, are net of costs of natural gas purchased for sale related to natural gas marketing activities of $8.4 million and $12.5 million, respectively. Natural gas revenues, associated for the three-month periods ended March 31, 1999 and 1998, are net of costs of natural gas purchased for sale related to natural gas marketing activities of $13.1 million and $12.4 million, respectively. 3. Income tax provision (benefit) for the three-month periods ended March 31, 1999 and 1998 includes tax benefits of $2.7 million and $1.3 million, respectively, related to tight gas sand federal income tax credit utilization. Additionally, the income tax provision for the three-month period ended March 31, 1998 included benefits of $8.8 million related to certain international costs and the resolution of certain domestic and international issues. The first quarter 1999 tax provision was computed using the actual effective tax rate for the quarter rather than the estimated annual effective tax rate. A reliable estimate of the annual effective tax rate could not be made given the impact oil and gas price volatility had on the estimate for the year. Income taxes for first quarter of 1998 were calculated using the estimated annual effective tax rate. 4. The difference between the average number of common shares outstanding for basic and diluted net income per share of common stock is due to the assumed issuance of approximately 882,000 and 786,000 common shares relating to employee stock options in the three-month periods ended March 31, 1999 and 1998, respectively. 6 7 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 1. FINANCIAL STATEMENTS - (CONTINUED) ENRON OIL & GAS COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. The Company's total comprehensive income was $8.5 million and $29.2 million for the three-month periods ended March 31, 1999 and 1998, respectively. The only adjustment made to net income in the periods was for foreign currency translation gains of $3.4 million and $2.2 million for the three-month periods ended March 31, 1999 and 1998, respectively. 6. SFAS No. 131 - "Disclosure about Segments of an Enterprise and Related Information" established standards for reporting information about operating segments in annual financial statements and requires selected information in interim financial reports. Selected financial information is reported below for the three-month periods ended March 31, 1999 and 1998:
Three Months Ended March 31, - --------------------------------------------------------------------------------------------------------- 1999 1998 NET OPERATING REVENUES United States $ 106,892 $ 151,287 Canada 16,224 16,931 Trinidad 16,999 14,284 India 18,833 17,352 Other 6 (23) ------------ ------------ TOTAL $ 158,954 $ 199,831 ============ ============ OPERATING INCOME (LOSS) United States $ (18,514) $ 25,374 Canada 2,342 2,488 Trinidad 10,131 8,227 India 658 9,283 Other (4,221) (7,086) ------------ ------------ TOTAL (9,604) 38,286 RECONCILING ITEMS Other Income (Expense), Net 26,938 (970) Interest Expense, Net 14,267 9,110 ------------ ------------ INCOME BEFORE INCOME TAXES $ 3,067 $ 28,206 ============ ============
7. As reported in the Company's Annual Report on Form 10-K for the year ended December 31, 1998, Enron Oil & Gas India Ltd. ("EOGIL"), a wholly-owned subsidiary of the Company, is a respondent in two public interest lawsuits filed in the Delhi High Court, India. The first (the "Wadehra Action") was brought by B. L. Wadehra, an Indian public interest lawyer, against the Union of India, EOGIL, EOGIL co-participants in the Panna and Mukta fields, Reliance Industries Limited ("Reliance") and Oil & Natural Gas Corporation Limited ("ONGC"), and certain other respondents. ONGC is the Indian national oil company and is wholly-owned by the Union of India. The second suit (the "CPIL Action") was brought by the Centre for Public Interest Litigation and the National Alliance of People's Movement against the Union of India, the Central Bureau of Investigation, ONGC, Reliance and EOGIL. Petitioners in both the Wadehra Action and the CPIL Action allege various improprieties in the award of the Panna and Mukta fields to EOGIL, Reliance and ONGC, and seek the cancellation of the Production Sharing Contract for the Panna and Mukta fields. The Union of India is vigorously disputing these allegations. The Company believes that the public competitive bidding process for the fields was fair and that the award of these fields to EOGIL, Reliance and ONGC was proper. Following a series of hearings, the Delhi High Court has entered an order dismissing both lawsuits. The India Supreme Court has agreed to hear the plaintiffs' appeal of the decision of the Delhi High Court. Although no assurances can be given, based on currently available information the Company believes that the ultimate resolution of these matters will not have a material adverse effect on its financial condition or results of operations. There are various other suits and claims against the Company that have arisen in the ordinary course of business. However, management does not believe these suits and claims will individually or in the aggregate have a material adverse effect on the Company's financial condition or results of operations. The Company has been named as a potentially responsible party in certain Comprehensive Environmental Response Compensation and Liability Act proceedings. However, management does not believe that any potential assessments resulting from such proceedings will individually or in the aggregate have a materially adverse effect on the financial condition or results of operations of the Company. 7 8 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 1. FINANCIAL STATEMENTS - (CONCLUDED) ENRON OIL & GAS COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. In June 1998, the Financial Accounting Standards Board ("FASB") issued SFAS No. 133 - "Accounting for Derivative Instruments and Hedging Activities" effective for fiscal years beginning after June 15, 1999. The statement cannot be applied retroactively and must be applied to (a) derivative instruments and (b) certain derivative instruments embedded in hybrid contracts that were issued, acquired or substantively modified after December 31, 1997. The statement establishes accounting and reporting standards requiring that every derivative instrument be recorded in the balance sheet as either an asset or liability measured at its fair value. The statement requires that changes in the derivative's fair value be recognized currently in earnings unless specific hedge accounting criteria are met. Special accounting for qualifying hedges allows a derivative's gains and losses to offset related results on the hedged item in the statements of income and requires a company to formally document, designate and assess the effectiveness of transactions that receive hedge accounting treatment. The Company has not yet quantified the impacts of adopting SFAS No. 133 on its financial statements and has not determined the timing of adoption. Based on the Company's current level of derivative and hedging activities, the Company does not expect the impact of adoption to be material. 9. During the first and second quarters of 1999, the Company sold its 3.2 million options to purchase common stock of Enron Corp. having a strike price of $39.1875 per share. The Company sold 1.6 million options at an average price of $24.81 ($64.00 Enron Corp. stock price equivalent), realizing net proceeds of $40 million and a gain of $28 million pre-tax ($18 million after-tax) in the first quarter. Early in the second quarter, the Company sold the remaining 1.6 million options at an average price of $27.07 ($66.26 Enron Corp. stock price equivalent), realizing net proceeds of $43 million and a gain of $32 million pre-tax ($21 million after-tax). 8 9 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ENRON OIL & GAS COMPANY The following review of operations for the three-month periods ended March 31, 1999 and 1998 should be read in conjunction with the consolidated financial statements of Enron Oil & Gas Company (the "Company") and Notes thereto. RESULTS OF OPERATIONS Three Months Ended March 31, 1999 vs. Three Months Ended March 31, 1998 The Company generated first quarter net income of $5 million compared to net income of $27 million for the first quarter of 1998. Net operating revenues were $159 million as compared to $200 million for the first quarter of 1998. Following is an explanation of the variances causing this reduction. Wellhead volume and price statistics are summarized below:
- ----------------------------------------------------------------------------------------------------------- 1999 1998 - ----------------------------------------------------------------------------------------------------------- NATURAL GAS VOLUMES (MMCF PER DAY)(1) United States 677 644(2) Canada 104 101 ------------ ------------ North America 781 745 Trinidad 152 109 India 71 47 ------------ ------------ TOTAL 1,004 901 ============ ============ AVERAGE NATURAL GAS PRICES ($/MCF)(3) United States $ 1.62 $ 2.01(4) Canada 1.39 1.39 North America Composite 1.58 1.93 Trinidad 1.06 1.09 India 1.96 2.70 COMPOSITE 1.53 1.86 CRUDE OIL/CONDENSATE VOLUMES (MBBL PER DAY)(1) United States 13.1 12.6 Canada 2.7 2.7 ------------ ------------ North America 15.8 15.3 Trinidad 2.8 2.8 India 7.1 4.2 ------------ ------------ TOTAL 25.7 22.3 ============ ============ AVERAGE CRUDE OIL/CONDENSATE PRICES ($/BBL)(3) United States $ 11.31 $ 14.68 Canada 11.75 13.97 North America Composite 11.39 14.55 Trinidad 9.63 14.03 India 9.79 15.33 COMPOSITE 10.76 14.64 NATURAL GAS EQUIVALENT VOLUMES (MMCFE PER DAY)(5) United States 771 735(2) Canada 123 124 ------------ ------------ North America 894 859 Trinidad 169 126 India 114 73 ------------ ------------ TOTAL 1,177 1,058 ============ ============ TOTAL BCFE(5) DELIVERIES 106 95(2) - -----------------------------------------------------------------------------------------------------------
(1) Million cubic feet per day or thousand barrels per day, as applicable. (2) Includes 48 MMcf per day for the three-month period ended March 31, 1998 delivered under the terms of a volumetric production payment. Delivery obligations were terminated in December 1998. (3) Dollars per thousand cubic feet or per barrel, as applicable. (4) Includes an average equivalent wellhead value of $1.62/Mcf for the three-month period ended March 31, 1998 for the volumes described in note (2), net of transportation costs. (5) Million cubic feet equivalent per day or billion cubic feet equivalent, as applicable. 9 10 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY Wellhead revenues decreased approximately 10% to $165 million in the first quarter of 1999 compared to $184 million in the first quarter of 1998, primarily due to lower average wellhead prices worldwide for natural gas, crude oil and condensate and natural gas liquids, partially offset by increased deliveries of natural gas and crude oil and condensate. During the first quarter of 1999, the Company produced over 1.0 billion cubic feet per day of natural gas versus 901 MMcf per day in the first quarter of 1998. Deliveries of crude oil, condensate and natural gas liquids averaged 28.7 MBbl per day compared to 26.1 MBbl per day in the first quarter of 1998. Average wellhead natural gas prices for the first quarter of 1999 were approximately 18% lower than the comparable period of 1998 reducing net operating revenues by approximately $30 million. Average wellhead crude oil and condensate prices were down by 27% worldwide, decreasing net operating revenues by $9 million. First quarter 1999 wellhead natural gas deliveries were approximately 11% higher than the comparable period in 1998 increasing net operating revenues by $17 million. Natural gas deliveries in North America increased 5% from the prior year period primarily due to the third quarter 1998 acquisition of producing properties in the Gulf of Mexico and increased deliveries in East Texas. Natural gas deliveries in India increased 51% to 71 MMcf per day due to continuing development activities in the Tapti and Panna fields. Natural gas deliveries in Trinidad were 39% higher due to increased demand and additional gas balancing volumes related to a field allocation agreement. Wellhead crude oil and condensate deliveries were 15% higher than the prior year period increasing net operating revenues by $4 million, primarily attributable to a 68% increase in India. Deliveries from the Panna and Mukta fields increased to 7.1 MBbl per day compared to 4.2 MBbl per day in the prior year period. Deliveries of crude oil and condensate in North America were up approximately 4% primarily in the West Texas and South Texas regions. Other marketing activities associated with sales and purchases of natural gas, natural gas and crude oil price hedging and trading transactions, and 1998 margins related to the volumetric production payment decreased net operating revenues by $8 million compared to a $2 million revenue increase in the first quarter of 1998. This variance was primarily due to a $3 million revenue decrease in 1999 from natural gas hedging contracts closed in prior periods, (See Note 14 to the Consolidated Financial Statements in the Company's 1998 Annual Report on Form 10-K) as compared to a $5 million revenue increase related to natural gas hedging and trading activities in the first quarter of 1998. Gains on sales of reserves and related assets and other, net totaled $1 million in the first quarter of 1999 compared to a net gain of $14 million in the comparable prior year period. The Company had no material sales of reserves and related assets in the quarter. Operating expenses of $169 million for the first quarter of 1999 were approximately $7 million higher than the first quarter of 1998. Depreciation, depletion and amortization ("DD&A") expense increased approximately $10 million compared to the prior year period, primarily reflecting increased worldwide production volumes and a higher per-unit rate in North America. Exploration and dry hole costs were $8 million lower than the first quarter of 1998 primarily due to decreased exploratory drilling and other exploration activities in North America and improved success on wildcat drilling prospects. General and administrative expenses were $7 million higher than the prior year period primarily due to expanded operations and settlement of certain commercial disputes with third parties. Lease and well expenses were reduced by $.8 million and taxes other than income were also down $.8 million primarily due to lower state severance taxes associated with decreased wellhead revenues in the United States. Net interest expense increased $5 million as compared to the first quarter of 1998 reflecting a higher level of long-term debt due to expanded worldwide operations and decreased cash flows resulting from the above mentioned decrease in wellhead prices. The per-unit operating costs of the Company for lease and well, DD&A, general and administrative, interest expense and taxes other than income averaged $1.49 per Mcfe during the first quarter of 1999 compared to $1.44 per Mcfe in 1998. This increase is primarily due to a higher per-unit rate of general and administrative expense, interest expense and DD&A expense, partially offset by a lower per-unit rate of lease and well expense and taxes other than income. Other income (expense), net for the first quarter of 1999 included a $28 million pre-tax gain on the sale of 1.6 million of its options to purchase Enron Corp. common stock (See Note 9 to the Consolidated Financial Statements included herein). 10 11 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY Income tax benefit for the first quarter of 1999 was $2 million compared to a $1 million income tax provision for the comparable period in 1998. The decrease in income taxes was primarily due to lower pre-tax income partially offset by inclusion of approximately $9 million in tax benefits in first quarter of 1998 related to certain international costs and the resolution of certain domestic and international issues. The first quarter 1999 tax provision was computed using the actual effective tax rate for the quarter rather than the estimated annual effective tax rate. A reliable estimate of the annual effective tax rate could not be made given the impact oil and gas price volatility had on the estimate for the year. Income taxes for first quarter of 1998 were calculated using the estimated annual effective tax rate. CAPITAL RESOURCES AND LIQUIDITY The Company's primary sources of cash during the three-month period ended March 31, 1999 included funds generated from operations, proceeds from the sale of a portion of its options to purchase Enron Corp. common stock and proceeds from new borrowings. Primary cash outflows included funds used in operations, exploration and development expenditures, dividends paid to Company shareholders and the repayment of debt. Net operating cash flows of $69 million for the first quarter of 1999 decreased approximately $43 million as compared to the first quarter of 1998 primarily reflecting lower operating revenues, higher interest expense and cash operating expenses and increased current income taxes. Net investing cash outflows of approximately $86 million for the first quarter of 1999 decreased by $77 million versus the comparable prior year period due primarily to reduced exploration and development expenditures and proceeds related to the sale of a portion of its options to purchase Enron Corp. common stock. Changes in Components of Working Capital Associated with Investing Activities included changes in accounts payable associated with the accrual of exploration and development expenditures and changes in inventories which represent materials and equipment used in drilling and related activities. Exploration and development expenditures for the three-month periods ended March 31, 1999 and 1998 were as follows (in millions):
- -------------------------------------------------------------------------------- 1999 1998 - -------------------------------------------------------------------------------- United States $ 83 $ 109 Canada 12 11 ------ ------ North America 95 120 Trinidad 1 2 India 10 14 Other 3 7 ------ ------ TOTAL $ 109 $ 143 ====== ====== - --------------------------------------------------------------------------------
Exploration and development expenditures of $109 million for the first three months of 1999 were $34 million lower than the prior year period due primarily to a reduced level of service industry cost as well as reduced spending on the North America drilling program as a result of the current natural gas and crude oil price environment. Reduced drilling expenditures were partially offset by the acquisition of producing properties in the Big Piney area. The level of exploration and development expenditures will vary in future periods depending on energy market conditions and other related economic factors. The Company has significant flexibility with respect to financing alternatives and the ability to adjust its exploration and development expenditure budget as circumstances warrant. There are no material continuing commitments associated with expenditure plans. Cash provided by financing activities was $23 million for the first quarter of 1999 versus $47 million for the comparable prior year period. Financing activities for 1999 included the net issuance of $28 million of long-term debt primarily to fund exploration and development activities and to pay cash dividends. There were no share repurchases in the first quarter of 1999, compared to $7 million of repurchases in the prior year period. Based upon existing economic and market conditions, management believes net operating cash flow and available financing alternatives will be sufficient to fund net investing and other cash requirements of the Company for the foreseeable future. 11 12 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY YEAR 2000 The Year 2000 problem generally results from the use in computer hardware and software of two digits rather than four digits to define the applicable year. When computer systems must process dates both before and after January 1, 2000, two-digit year "fields" may create processing ambiguities that can cause errors and system failures. For example, a date represented by "00" may be interpreted as referring to the year 1900, instead of 2000. The effects of the Year 2000 problem can be exacerbated by the interdependence of computer and telecommunications systems in the United States and throughout the world. This interdependence can affect the Company and its suppliers, trading partners, and customers, as well as governments of countries around the world where the Company does business. State of Readiness The Company Board of Directors has been briefed about the Year 2000 problem. The Board has adopted a Year 2000 Project (the "Project") aimed at preventing the Company's mission-critical functions from being impaired due to the Year 2000 problem. "Mission-critical" functions are those critical functions whose loss would cause an immediate stoppage of or significant impairment to core business processes (a core business process is one of material importance to the Company business). Implementation of the Project is directly supervised by a Year 2000 Oversight Committee, made up of four senior executives of the Company and its affiliates. Each operating division of the Company is implementing procedures specific to it that are part of the overall Project. The Company also has engaged certain outside consultants, technicians and other external resources to aid in formulating and implementing the Project. The Company is actively implementing the Project, which will be modified as events warrant. Under the Project, the Company will continue to inventory mission-critical computer hardware and software systems and embedded microprocessors (microprocessors with date-related functions, contained in a wide variety of devices), and software; assess the effects of Year 2000 problems on the mission-critical functions of the Company; remedy systems, software and embedded microprocessors in an effort to avoid material disruptions or other material adverse effects on mission-critical functions, processes and systems; verify and test the mission-critical systems to which remediation efforts have been applied; and attempt to mitigate those mission-critical aspects of the Year 2000 problem that are not remediated by January 1, 2000, including the development of contingency plans to cope with the mission-critical consequences of Year 2000 problems that have not been identified or remediated by that date. The Project recognizes that the computer, telecommunications, and other systems ("Outside Systems") of outside entities ("Outside Entities") have the potential for major, mission-critical, adverse effects on the conduct of Company business. The Company does not have control of these Outside Entities or Outside Systems. (In some cases, Outside Entities are U.S., state and local governmental organizations, foreign governments or businesses located in foreign countries.) However, the Project includes an ongoing process of identifying and contacting Outside Entities whose systems in the Company's judgment have, or may have, a substantial effect on the Company's ability to continue to conduct the mission-critical aspects of Company business without disruption from Year 2000 problems. The Project envisions the Company making an attempt to inventory and assess the extent to which these Outside Systems may not be "Year 2000 ready" or "Year 2000 compatible". The Company will attempt reasonably to coordinate with these Outside Entities in an ongoing effort to obtain assurance that the Outside Systems that are mission-critical will be Year 2000 compatible well before January 1, 2000. Consequently, the Company will work with Outside Entities in a reasonable attempt to inventory, assess, analyze, convert (where necessary), test, and develop contingency plans for connections to these mission-critical Outside Systems and to ascertain the extent to which they are, or can be made to be, Year 2000 ready and compatible with the Company's remediation of its own mission-critical systems. 12 13 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY As of March 1999, the Company is at various stages in implementation of the Project, as shown in the following tables. Any notation of "complete" conveys the fact only that the initial iteration of this phase has been substantially completed. All dates are only relevant for the initial iteration of the applicable stage of the Project. YEAR 2000 PROJECT READINESS
Inventory Assessment Analysis Conversion Testing Y2K-Ready Contingency Plan --------- ---------- -------- ---------- ------- --------- ---------------- Mission-Critical C C C IP IP IP IP Internal Items Mission-Critical C IP IP IP IP IP IP Outside Entities
Legend: C = Complete IP = In Process YEAR 2000 PROJECT ESTIMATED COMPLETION DATES
Inventory Assessment Analysis Conversion Testing Y2K-Ready Contingency Plan --------- ---------- -------- ---------- ------- --------- ---------------- Mission-Critical 12/98 3/99 3/99 6/99 9/99 9/99 9/99 Internal Items Mission-Critical 3/99 6/99 6/99 9/99 9/99 9/99 9/99 Outside Entities
It is important to recognize that the processes of inventorying, assessing, analyzing, converting (where necessary), testing, and developing contingency plans for mission-critical items in anticipation of the Year 2000 event may be iterative processes, requiring a repeat of some or all of these processes as the Company learns more about the Year 2000 problem and its effects on internal business information systems and on Outside Systems, and about the effects of embedded microprocessors on systems and business operations. The Company anticipates that it will continue with these processes through January 1, 2000 and on into the Year 2000 in order to assess and remediate problems that reasonably can be identified only after the start of the new century. The Project envisions verification and validation of certain mission-critical facilities and functions by independent consultants. These consultants will participate to varying degrees in many or all of the stages, including the inventory, assessment, and testing phases. Currently, the Company is utilizing Raytheon Engineers & Constructors, Inc. to assist Company personnel in the inventory and assessment phases of onshore and offshore and domestic and international operations. Costs to Address Year 2000 Issues The Company has not incurred material historical costs for Year 2000 awareness, inventory, assessment, analysis, conversion, testing, or contingency planning and anticipates that any future costs for these purposes, including those for implementing Year 2000 contingency plans, are not likely to be material. Although management believes that its estimates are reasonable, there can be no assurance, for the reasons stated in the "Summary" section below, that the actual costs of implementing the Project will not differ materially from the estimated costs or that the Company will not be materially adversely affected by Year 2000 issues. Year 2000 Risk Factors Regulatory requirements. Certain of the Company's operations are regulated by governmental authorities. The Company expects to satisfy these regulatory authority requirements for achieving Year 2000 readiness. If the Company's reasonable expectations in this regard are in error, and if a regulatory authority should order the temporary cessation of operations in one or more of these areas, the adverse effect on the Company could be material. Outside Entities may face similar problems that materially adversely affect the Company. 13 14 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY Shortage of Resources. Between now and 2000 it is anticipated that there will be increased competition for people with technical and managerial skills necessary to deal with the Year 2000 problem. While the Company is taking substantial precautions to recruit and retain sufficient people skilled in dealing with the Year 2000 problem, and has hired consultants who bring additional skilled people to deal with the Year 2000 problem, the Company could face shortages of skilled personnel or other resources, such as particular microprocessors or components containing Year 2000 ready microprocessors, and these shortages might delay or otherwise impair the Company's ability to assure that its mission-critical systems are Year 2000 ready. Outside Entities could face similar problems that materially adversely affect the Company. The Company believes that the possible impact of the shortage of skilled people and resources is not, and will not be, unique to the Company. Potential Shortcomings. The Company estimates that mission-critical systems, domestic and international, will be Year 2000-ready substantially before January 1, 2000. However, there is no assurance that the Project will succeed in accomplishing its purpose, or that unforeseen circumstances will not arise during implementation of the Project that would materially adversely affect the Company. Cascading Effect. The Company is taking reasonable steps to identify, assess, and, where appropriate, to replace devices that contain embedded microprocessors. Despite these reasonable efforts, the Company anticipates that it will not be able to find and remediate all embedded microprocessors in all systems. Further, it is anticipated that Outside Entities also will not be able to find and remediate all embedded microprocessors in their systems. Some of the embedded microprocessors that fail to operate or that produce anomalous results may create system disruptions or failures. Some of these disruptions or failures may spread from the systems in which they are located to other systems causing adverse effects upon the Company's ability to maintain safe operations, to serve its customers and otherwise to fulfill certain contractual and other legal obligations. The embedded microprocessor problem is widely recognized as one of the more difficult aspects of the Year 2000 problem across industries and throughout the world. The possible adverse impact of the embedded microprocessor problem is not, and will not be, unique to the Company. Third parties. The Company cannot assure that suppliers upon which it depends for essential goods and services will convert and test their mission-critical systems and processes in a timely manner. Failure or delay by all or some of these entities, including the U.S. and state or local governments and foreign governments, could create substantial disruptions having a material adverse effect on Company business. Contingency Plans As part of the Project, the Company is developing contingency plans that deal with, among others, two primary aspects of the Year 2000 problem: (1) that the Company, despite its good-faith, reasonable efforts, may not have satisfactorily remediated all internal, mission-critical systems; and (2) that Outside Systems may not be Year 2000 ready, despite the Company's good-faith, reasonable efforts to work with Outside Entities. These contingency plans are being designed to mitigate the disruptions or other adverse effects resulting from Year 2000 incompatibilities regarding these mission-critical functions or systems, and to facilitate the early identification and remediation of mission-critical Year 2000 problems that first manifest themselves after January 1, 2000. These contingency plans will contemplate an assessment of all mission-critical internal information technology systems and internal operational systems that use computer-based controls. This process will be pursued continuously into the Year 2000 as circumstances require. Further, the Company will in that time frame assess any mission-critical disruptions due to Year 2000-related failures that are external to the Company. These contingency plans include the creation, as deemed reasonably appropriate, of teams that will be standing by on the eve of the new millennium, prepared to respond rapidly and otherwise as necessary to mission-critical Year 2000-related problems as soon as they become known. The composition of teams that are assigned to deal with Year 2000 problems will vary according to the nature, mission-criticality, and location of the problem. Because the Company operates internationally, some of its Year 2000 contingency teams will be located at mission-critical facilities overseas. 14 15 PART I. FINANCIAL INFORMATION - (CONTINUED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) ENRON OIL & GAS COMPANY Worst Case Scenario The Securities and Exchange Commission requires that public companies must forecast the most reasonably likely worst case Year 2000 scenario, assuming that the Company's Year 2000 plan is not effective. Analysis of the most reasonably likely worst case Year 2000 scenarios the Company may face leads to contemplation of the following possibilities which, though considered highly unlikely, must be included in any consideration of worst cases: widespread failure of electrical, natural gas, and similar supplies by utilities serving the Company domestically and internationally; widespread disruption of the services of communications common carriers domestically and internationally; similar disruption to means and modes of transportation for the Company and its employees, contractors, suppliers, and customers; significant disruption to the Company's ability to gain access to, and continue working in, office buildings and other facilities; the failure of substantial numbers of mission-critical hardware and software computer systems, including both internal business systems and systems (such as those with embedded microprocessors) controlling operational facilities such as electrical generation, transmission, and distribution systems and crude oil and natural gas plants and pipelines, domestically and internationally; and the failure, domestically and internationally, of Outside Systems, the effects of which would have a cumulative material adverse impact on the Company's mission-critical systems. Among other things, the Company could face substantial claims by customers for loss of revenues due to supply interruptions, inability to fulfill contractual obligations, inability to account for certain revenues or obligations or to bill or pay customers accurately and on a timely basis, and increased expenses associated with litigation, stabilization of operations following mission-critical failures, and the execution of contingency plans. The Company could also experience an inability by customers, traders, and others to pay, on a timely basis or at all, obligations owed to the Company. Under these circumstances, the adverse effect on the Company, and the diminution of Company revenues, could be material, although not quantifiable at this time. Further in this scenario, the cumulative effect of these failures could have a substantial adverse effect on the economy, domestically and internationally. The adverse effect on the Company, and the diminution of Company revenues, from a domestic or global recession or depression also could be material, although not quantifiable at this time. The Company will continue to monitor business conditions with the aim of assessing and quantifying material adverse effects, if any, that result or may result from the Year 2000 problem. Summary The Company has a plan to deal with the Year 2000 challenge and believes that it will be able to achieve substantial Year 2000 readiness with respect to the mission critical systems that it controls. From a forward-looking perspective, the extent and magnitude of the Year 2000 problem as it will affect the Company, both before and for some period after January 1, 2000, are difficult to predict or quantify for a number of reasons. Among these are: the difficulty of locating "embedded" microprocessors that may be in a great variety of mission-critical hardware used for process or flow control, environmental, transportation, access, communications, and other systems; the difficulty of inventorying, assessing, remediating, verifying and testing, Outside Systems connected, and vital, to the Company's computer, telecommunications, or other mission-critical systems; the difficulty of locating all mission-critical software (computer code) that is not Year 2000 compatible; and the unavailability of certain necessary internal or external resources, including but not limited to trained hardware and software engineers, technicians, and other personnel to perform adequate remediation, verification, and testing of mission-critical Company systems or Outside Systems. Year 2000 costs are difficult to estimate accurately because of unanticipated vendor delays, technical difficulties, the impact of tests of Outside Systems, and similar events. There can be no assurance for example that all Outside Systems with a mission-critical impact will be adequately remediated so that they are Year 2000 ready by January 1, 2000, or by some earlier date, so as not to create a material disruption to the Company's business. If, despite reasonable efforts under the Year 2000 Project, there are mission-critical Year 2000-related failures that create substantial disruptions to Company business, the adverse impact on the Company could be material. Additionally, Year 2000 costs are difficult to estimate accurately because of unanticipated vendor delays, technical difficulties, the impact of tests of Outside Systems and similar events. Moreover, despite the Company's belief that costs for implementing the Project will not be material, the estimated costs of implementing the Project do not take into account the costs, if any, that might be incurred as a result of Year 2000-related failures that occur despite implementation of the Project. 15 16 PART I. FINANCIAL INFORMATION - (CONCLUDED) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONCLUDED) INFORMATION REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, the timing and extent of changes in commodity prices for crude oil, natural gas and related products and interest rates; the extent of the Company's success in discovering, developing, marketing and producing reserves and in acquiring oil and gas properties; the Company's success in implementing its Year 2000 Plan, the effectiveness of the Company's Year 2000 Plan, and the Year 2000 readiness of Outside Entities; political developments around the world and conditions of the capital and equity markets during the periods covered by the forward looking statements. 16 17 PART II. OTHER INFORMATION ENRON OIL & GAS COMPANY ITEM 1. Legal Proceedings See Part 1, Item 1, Note 7 to Consolidated Financial Statements which is incorporated herein by reference. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 12 - Computation of Ratio of Earnings to Fixed Charges Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K - There were no reports on Form 8-K filed for the period ended March 31, 1999. 17 18 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENRON OIL & GAS COMPANY (Registrant) Date: April 26, 1999 By /s/ W. C. WILSON -------------------------------- W. C. Wilson Senior Vice President and Chief Financial Officer (Principal Financial Officer) 19 INDEX TO EXHIBITS
Exhibit Number Description - ------- ----------- Exhibit 12 Computation of Ratio of Earnings to Fixed Charges Exhibit 27 Financial Data Schedule
EX-12 2 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12 ENRON OIL & GAS COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) (UNAUDITED)
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------------------------------ MARCH 31, 1999 1998 1997 1996 1995 1994 -------------- ---------- ---------- ---------- ---------- ---------- EARNINGS AVAILABLE FOR FIXED CHARGES: Net Income $ 5,066 $ 56,171 $ 121,970 $ 140,008 $ 142,118 $ 147,998 Less: Capitalized Interest Expense (3,160) (12,711) (13,706) (9,136) (6,490) (6,124) Add: Fixed Charges 17,427 61,290 41,423 21,997 18,414 14,613 Income Tax Provision(Benefit) (1,999) 4,111 41,500 50,954 41,936 5,937 ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS AVAILABLE $ 17,334 $ 108,861 $ 191,187 $ 203,823 $ 195,978 $ 162,424 ========== ========== ========== ========== ========== ========== FIXED CHARGES: Interest Expense $ 14,267 $ 48,463 $ 27,369 $ 12,370 $ 11,310 $ 8,135 Capitalized Interest 3,160 12,711 13,706 9,136 6,490 6,124 Rental Expense Representative of Interest Factor -- 116 348 491 614 354 ---------- ---------- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES $ 17,427 $ 61,290 $ 41,423 $ 21,997 $ 18,414 $ 14,613 ========== ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES --(1) 1.78 4.62 9.27 10.64 11.12
- ------------------------------------------------------------------------------- (1) For the three-month period ended March 31, 1999, fixed charges exceeded earnings available by $93 thousand. EX-27 3 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-1999 MAR-31-1999 13,133 0 168,807 0 38,384 227,661 4,903,390 (2,222,074) 2,990,235 221,564 0 0 0 201,600 1,083,113 2,990,235 157,663 158,954 0 168,558 (26,938) 0 14,267 3,067 (1,999) 5,066 0 0 0 5,066 0.03 0.03 BASIC
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