-----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, RAeYDXLBMa2SvIAEJTC6Mfotdfa8w2DDld3HJkmkSLUHBHoTTwol3g7l+wnjb8bI KseC3XhUHUBqiXoJg/1ayw== 0000833320-95-000004.txt : 19951119 0000833320-95-000004.hdr.sgml : 19951119 ACCESSION NUMBER: 0000833320-95-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BURLINGTON RESOURCES INC CENTRAL INDEX KEY: 0000833320 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 911413284 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09971 FILM NUMBER: 95589677 BUSINESS ADDRESS: STREET 1: 5051 WESTHEIMER STREET 2: SUITE 1400 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136249500 MAIL ADDRESS: STREET 1: 999 THIRD AVENUE CITY: SEATTLE STATE: WA ZIP: 98104-4097 10-Q 1 FORM 10-Q FOR THE QUARTERLY PERIOD ENDED 09/30/95 UNITED STATES 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 September 30, 1995 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-9971 BURLINGTON RESOURCES INC. (Exact name of registrant as specified in its charter) Delaware 91-1413284 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 5051 Westheimer, Suite 1400, Houston, Texas 77056 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (713) 624-9500 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( ) Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding Common Stock, par value $.01 per share, as of September 30, 1994 126,598,960 PART 1 - FINANCIAL INFORMATION ITEM 1. Financial Statements BURLINGTON RESOURCES INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
THIRD QUARTER NINE MONTHS 1995 1994 1995 1994 (In Thousands, Except per Share Amounts) Revenues...............................$ 210,226 $ 273,332 $ 636,008 $ 814,319 Costs and Expenses..................... 699,721 233,940 1,123,667 659,642 --------- --------- ---------- ---------- Operating Income (Loss)................ (489,495) 39,392 (487,659) 154,677 Interest Expense....................... 27,097 24,673 81,511 64,440 Other Income (Expense) - Net........... (846) 2,038 (1,220) 1,970 --------- -------- ---------- ---------- Income (Loss) Before Income Taxes...... (517,438) 16,757 (570,390) 92,207 Income Tax Benefit..................... (217,837) (3,938) (268,141) (9,220) --------- -------- ---------- ---------- Net Income (Loss)......................$(299,601) $ 20,695 $ (302,249) $ 101,427 ========= ========= ========== ========== Earnings (Loss) per Common Share.......$ (2.36) $ .16 $ (2.38) $ .78 ========= ========= ========== ==========
See accompanying Notes to Consolidated Financial Statements. -2- BURLINGTON RESOURCES INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)
September 30, December 31, 1995 1994 (In Thousands) ASSETS Current Assets Cash and Short-term Investments.............................$ 19,759 $ 19,898 Accounts Receivable......................................... 182,180 193,825 Inventories................................................. 11,166 35,188 Other Current Assets........................................ 20,816 17,191 ----------- ----------- 233,921 266,102 ----------- ----------- Oil & Gas Properties (Successful Efforts Method)............. 5,814,695 5,689,135 Other Properties............................................. 516,648 572,490 ----------- ----------- 6,331,343 6,261,625 Accumulated Depreciation, Depletion and Amortization........ 2,567,676 1,904,212 ----------- ----------- Properties - Net............................................ 3,763,667 4,357,413 ----------- ----------- Other Assets................................................. 153,365 185,095 ----------- ----------- Total Assets..............................................$ 4,150,953 $ 4,808,610 =========== =========== LIABILITIES Current Liabilities Accounts Payable............................................$ 264,139 $ 193,819 Taxes Payable............................................... 30,823 47,080 Dividends Payable........................................... 17,402 17,434 Other Current Liabilities................................... 2,365 3,688 ----------- ----------- 314,729 262,021 ----------- ----------- Long-term Debt............................................... 1,278,165 1,309,137 ----------- ----------- Deferred Income Taxes........................................ 178,692 480,648 ----------- ----------- Other Liabilities and Deferred Credits....................... 163,198 188,763 ----------- ----------- Commitments and Contingent Liabilities STOCKHOLDERS' EQUITY Common Stock, Par Value, $.01 Per Share (Authorized 325,000,000 Shares; Issued 150,000,000 Shares).. 1,500 1,500 Paid-in Capital.............................................. 2,935,445 2,936,374 Retained Earnings............................................ 196,951 551,385 ----------- ----------- 3,133,896 3,489,259 Cost of Treasury Stock (1995, 23,401,040 Shares; 1994, 23,491,040 Shares)......... 917,727 921,218 ----------- ----------- Common Stockholders' Equity.................................. 2,216,169 2,568,041 ----------- ----------- Total Liabilities and Common Stockholders' Equity.....$ 4,150,953 $ 4,808,610 =========== ===========
See accompanying Notes to Consolidated Financial Statements -3- BURLINGTON RESOURCES INC. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
NINE MONTHS 1995 1994 (In Thousands) Cash Flows From Operating Activities Net Income (Loss)..............................................$ (302,249) $ 101,427 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities Depreciation, Depletion and Amortization...................... 285,561 244,765 Deferred Income Taxes......................................... (301,939) (27,099) Exploration Costs............................................. 34,783 26,857 Impairment of Oil and Gas Properties.......................... 490,000 - Working Capital Changes Accounts Receivable.......................................... 11,645 44,624 Inventories.................................................. 24,022 (10,736) Other Current Assets......................................... (3,625) (10,830) Accounts Payable............................................. 70,320 (28,043) Taxes Payable................................................ (16,257) 11,864 Other Current Liabilities.................................... (1,355) (6,389) Gain on Sales and Other....................................... 44,058 25,135 ---------- --------- Net Cash Provided By Operating Activities................... 334,964 371,575 ---------- --------- Cash Flows From Investing Activities Additions to Properties........................................ (446,095) (751,250) Proceeds from Sales and Other.................................. 214,641 81,133 --------- --------- Net Cash Used In Investing Activities....................... (231,454) (670,117) --------- --------- Cash Flows From Financing Activities Proceeds from Long-term Financing.............................. 150,000 481,580 Reduction in Long-term Debt.................................... (180,173) - Dividends Paid................................................. (52,229) (53,508) Treasury Stock Transactions - Net.............................. 3,491 (113,056) Other.......................................................... (24,738) (31,335) --------- --------- Net Cash Provided By (Used In) Financing Activities......... (103,649) 283,681 --------- --------- Decrease in Cash and Short-term Investments..................... (139) (14,861) Cash and Short-term Investments Beginning of Year.............................................. 19,898 19,784 --------- --------- End of Period..................................................$ 19,759 $ 4,923 ========= =========
See accompanying Notes to Consolidated Financial Statements. -4- BURLINGTON RESOURCES INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. BASIS OF PRESENTATION The 1994 Annual Report on Form 10-K of Burlington Resources Inc. (the "Company") includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. The statements for the periods presented herein are unaudited, condensed and do not contain all information required by generally accepted accounting principles to be included in a full set of financial statements. In the opinion of management, all material adjustments necessary to present fairly the results of operations have been included. All such adjustments are of a normal, recurring nature. The results of operations for any interim period are not necessarily indicative of the results of operations for the entire year. Earnings (loss) per common share is based on the weighted average number of common shares outstanding during the year. The weighted average number of common shares outstanding was 127 million and 130 million for the first nine months of 1995 and 1994, respectively. 2. RECLASSIFICATION The Company's 1995 revenues include amounts from the sale of NGLs, less the actual costs incurred to gather, treat, process and transport the hydrocarbons to market. To conform to current presentation, the Company reclassified approximately $121 million of costs and expenses to revenues for the first nine months of 1994. The financial statements for previous periods include certain other reclassifications that were made to conform to current presentation. The reclassifications have no impact on previously reported operating income, net income, or stockholders' equity. -5- 3. COMMITMENTS AND CONTINGENT LIABILITIES On May 25, 1995, the 270th Judicial District Court of Harris County, Texas entered an order in a lawsuit styled Caroline Altheide, et al. v. Meridian Oil Inc., et al. which allows the suit to be maintained as a class action on behalf of all royalty and overriding royalty interest owners in all Meridian properties and all working interest owners in properties operated by Meridian who have received payments from Meridian at any time from and after December 1, 1986 based upon wellhead sales of natural gas to Meridian Oil Trading Inc. The lawsuit involves claims for unspecified actual and punitive damages based upon alleged breaches of duties owed to interest owners because of the use of Meridian corporate affiliates to gather, treat and market natural gas. The plaintiffs allege that Meridian's gas producing affiliates have sold natural gas to marketing affiliates at low inter-affiliate settlement prices which are then used as the basis for accounting to interest owners. Plaintiffs also allege that Meridian's pricing includes inappropriate deductions of inflated gathering and transportation costs. Meridian is vigorously defending this litigation and perfected an interlocutory appeal of the class certification order on May 30, 1995. This appeal effectively stays class action proceedings in the trial court until the appeal is completed. The Company and its subsidiaries are named defendants in numerous lawsuits and named parties in numerous governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits and other proceedings cannot be predicted with certainty, management expects these matters, including the above-described Altheide litigation, will not have a materially adverse effect on the consolidated financial position or results of operations of the Company. 4. IMPAIRMENT OF OIL AND GAS ASSETS Effective September 30, 1995, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 121, Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed Of. SFAS No. 121, requires that long-lived assets to be held and used by an entity be reviewed for impairment whenever events or changes indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of expected future cash flows from the use of the asset is less than the net book value of the asset. The primary change under SFAS No. 121 is that the Company will now evaluate impairment of its oil and gas properties on a field-by-field basis rather than in the aggregate. Based upon this evaluation, certain properties were deemed to be impaired. For those properties, the Company adjusted the net book value of the properties to their fair value based upon expected future discounted cash flows. As a result of the Company's adoption of SFAS No. 121, combined with the current weak gas market, the Company recognized a non-cash, pretax charge of $490 million ($304 million after tax) related to its oil and gas properties. -6- ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Financial Condition and Liquidity The total long-term debt to capital (total long-term debt and stockholders' equity) ratio at September 30, 1995, and December 31, 1994, was 37 percent and 34 percent, respectively. In March 1995, the Company issued $150 million of 8.20% Debentures due March 15, 2025. The net proceeds were used for general corporate purposes, including acquisition of oil and gas properties, repayment of commercial paper, capital expenditures and repurchases of the Company's common stock. The Company's credit facilities are comprised of a $600 million revolving credit agreement that expires in July 2000 and a $300 million revolving credit agreement that expires July 1996. The $300 million revolving credit agreement is renewable annually by mutual consent and was renewed on July 15, 1995. As of September 30, 1995, there were no borrowings outstanding under the credit facilities although borrowing capacity is reduced by outstanding commercial paper. At September 30, 1995, the Company had outstanding commercial paper borrowings of $79 million at an average interest rate of 6.46 percent. The Company also has the capacity to issue $350 million of debt securities under shelf registration statements filed with the Securities and Exchange Commission. Net cash provided by operating activities for the first nine months of 1995 was $335 million compared to $372 million for the first nine months of 1994. The decrease was primarily due to lower operating income partially offset by $39 million received in June 1995 from the sale of a receivable related to a claim resulting from the breach of a take-or-pay gas contract and other working capital changes. The Company continued its divestiture of marginal and non-strategic properties that began in June 1994. The Company divested over 3,500 working interest wells for approximately $30 million during the first nine months of 1995. In addition, the company conveyed its working interests in certain coal seam gas wells in August, 1995. In February 1995, the Company completed the sale of its intrastate natural gas pipeline systems and its underground natural gas storage facility, including gas inventory, for approximately $80 million. The net proceeds from all 1995 property transactions are expected to exceed $185 million. The Company is routinely involved in certain environmental proceedings and other related matters. Although it is possible that new information or future developments could require the Company to reassess its potential exposure related to these matters, the Company believes, based upon available information, the resolution of these issues, individually and in the aggregate, will not have a materially adverse effect on the consolidated financial position or results of operations of the Company. -7- Capital Expenditures Capital expenditures for the first nine months of 1995 totaled $446 million compared to $751 million for the same period in 1994. Capital expenditures are currently projected to be approximately $580 million for all of 1995 and are expected to be primarily for the development and exploration of oil and gas properties and reserve acquisitions. Capital expenditures will be funded from internal cash flow supplemented, as needed, by external financing. Dividends On October 11, 1995, the Board of Directors declared a common stock quarterly dividend of $0.1375 per share, payable January 2, 1996. Results of Operations - Third Quarter 1995 Compared to Third Quarter 1994 The Company reported a net loss of $300 million or $2.36 per share for the third quarter of 1995 compared to net income of $21 million or $.16 per share in 1994. Operating loss for the third quarter of 1995 was $489 million compared to operating income of $39 million in 1994. Revenues were $210 million for the third quarter of 1995 compared to $273 million in 1994. Natural gas sales volumes improved 10 percent to 1,182 MMCF per day which increased revenues $15 million. Oil sales volumes improved 3 percent to 48.2 MBbls per day which increased revenues $2 million. Gas and oil sales volumes increased primarily due to continued development of the Company's oil and gas properties and producing property acquisitions. These revenue increases were more than offset by a 26 percent decline in 1995 average natural gas sales prices to $1.16 per MCF which decreased revenues $45 million. Additionally, intrastate natural gas sales declined $31 million due to the sale of the intrastate pipeline systems in February 1995. Costs and expenses were $700 million for the third quarter of 1995 compared to $234 million in 1994. The increase was primarily due to a non-cash charge of $490 million related to oil and gas properties. The charge resulted from the Company's adoption of SFAS No. 121 effective as of September 30, 1995. The increase was partially offset by a $27 million reduction in intrastate natural gas purchases primarily due to the February 1995 sale of the intrastate pipeline systems. Interest expense was $27 million for the third quarter of 1995 compared to $25 million in 1994. The increase was primarily due to additional debt issued in March 1995 partially offset by lower outstanding commercial paper balances during the third quarter of 1995. The effective income tax rate was a benefit of 42 percent for the third quarter of 1995 compared to a benefit of 24 percent for the third quarter of 1994. The higher beneficial tax rate is due to a pretax loss in 1995 compared to pretax income in 1994. The beneficial tax rate in 1994 is due to low pretax income relative to the amount of non-conventional fuel tax credits earned. The beneficial tax rate in 1995 is due to a pretax loss and non- conventional fuel tax credits earned. -8- Results of Operations - Nine Months 1995 Compared to Nine Months 1994 The Company reported a net loss of $302 million or $2.38 per share for the first nine months of 1995 compared to net income of $101 million or $.78 per share in 1994. Operating loss for the first nine months of 1995 was $488 million compared to operating income of $155 million in 1994. Revenues were $636 million for the first nine months of 1995 compared to $814 million in 1994. Natural gas sales volumes improved 12 percent to 1,159 MMCF per day which increased revenues $59 million. Average oil sales prices improved 6 percent to $16.73 per barrel and oil sales volumes improved 7 percent to 47.7 MBbls per day which increased revenues $13 million and $13 million, respectively. Gas and oil sales volumes increased primarily due to continued development of the Company's oil and gas properties and producing property acquisitions. These revenue increases were more than offset by a 31 percent decline in 1995 average natural gas sales prices to $1.20 per MCF which decreased revenues $174 million. Processing and other revenues decreased $6 million due to volume and price declines. Additionally, intrastate natural gas sales declined $76 million due to the sale of the intrastate pipeline systems in February 1995. Costs and expenses were $1,124 million for the first nine months of 1995 compared to $660 million in 1994. The increase was primarily due to a non- cash charge of $490 million related to oil and gas properties. The charge resulted from the Company's adoption of SFAS No. 121 effective as of September 30, 1995. Additionally, production and processing related expenses increased $35 million due to a 11 percent increase in 1995 production levels and exploration cost increased $8 million. The increase was partially offset by a $66 million reduction in intrastate natural gas purchases resulting from the February 1995 sale of the intrastate pipeline systems. Interest expense was $82 million for the first nine months of 1995 compared to $64 million in 1994. The increase was primarily due to additional debt issued in May 1994 and March 1995 as well as higher outstanding commercial paper balances during the first nine months of 1995. The effective income tax rate was a benefit of 47 percent for the first nine months of 1995 compared to a benefit of 10 percent for 1994. The higher beneficial tax rate is due to a pretax loss in 1995 compared to pretax income in 1994. The beneficial tax rate in 1994 is due to low pretax income relative to the amount of non-conventional fuel tax credits earned. The beneficial tax rate in 1995 is due to a pretax loss and non-conventional fuel tax credits earned. Other Matters Effective September 30, 1995, the Company adopted Statement of Financial Accounting Standards ("SFAS") No. 121, Accounting for the Impairment of Long- lived Assets and for Long-lived Assets to be Disposed Of. SFAS No. 121, requires that long-lived assets to be held and used by an entity be reviewed for impairment whenever events or changes indicate that the net book value of the asset may not be recoverable. An impairment loss is recognized if the sum of expected future cash flows from the use of the asset is less than the net book value of the asset. -9- The primary change under SFAS No. 121 is that the Company will now evaluate impairment of its oil and gas properties on a field-by-field basis rather than in the aggregate. Based upon this evaluation, certain properties were deemed to be impaired. For those properties, the Company adjusted the net book value of the properties to their fair value based upon expected future discounted cash flows. As a result of the Company's adoption of SFAS No. 121, combined with the current weak gas market, the Company recognized a non-cash, pretax charge of $490 million ($304 million after tax) related to its oil and gas properties. -10- PART II - OTHER INFORMATION ITEM 1. Legal Proceedings See Note 3 of Notes to Consolidated Financial Statements. ITEM 6. Exhibits and Reports on Form 8-K A. Exhibits The following exhibits are filed as part of this report. Exhibit Nature of Exhibit Page 4.1 The Company and its subsidiaries either * have filed with the Securities and Exchange Commission or upon request will furnish a copy of any instrument with respect to long-term debt of the Company. 11.1 Earnings (Loss) Per Share 13 12.1 Ratio of Earnings to Fixed Charges 14 27.1 Financial Data Schedule ** * Exhibit incorporated by reference. **Exhibit required only for filings made electronically using the Securities and Exchange Commission's EDGAR system. B. Reports on Form 8-K During the quarter covered by this report there were no reports filed on Form 8-K. Items 2, 3, 4 and 5 of Part II are not applicable and have been omitted. -11- Pursuant to the requirements of Section 13 (or 15(d)) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BURLINGTON RESOURCES INC. (Registrant) By /s/ John E. Hagale John E. Hagale Senior Vice President and Chief Financial Officer By /s/ Hays R. Warden Hays R. Warden Vice President, Controller, and Chief Accounting Officer Date: November 13, 1995 - 12 - EX-11 2 EARNINGS (LOSS) PER SHARE BURLINGTON RESOURCES INC. EARNINGS (LOSS) PER SHARE EXHIBIT 11.1 (UNAUDITED)
THRID QUARTER 1995 1994 Loss Shares Earnings Shares (In Thousands, Except per Share Amounts) Primary earnings (loss) per common share Net earnings (loss) available for common stock and weighted average number of common shares outstanding................................$ (299,601) 126,545 $ 20,695 127,939 Stock options assumed exercised - net.............. - 500 - 714 -------- --------- -------- --------- Total net earnings (loss) and primary common shares.....................................$ (299,601) 127,045 $ 20,695 128,653 ======== ======== ======== ======= Primary earnings (loss) per common share............$ (2.36) $ .16 ========= ===== Fully diluted earnings (loss) per common share Net earnings (loss) available for common stock and weighted average number of common shares outstanding................................$ (299,601) 126,545 $ 20,695 127,939 Stock options assumed exercised - net............... - 535 - 714 -------- --------- -------- --------- Total net earnings (loss) and fully diluted common shares.....................................$ (299,601) 127,080 $ 20,695 128,653 ======= ======= ======== ======= Fully diluted earnings (loss) per common share......$ (2.36) $ .16 ======= =======
NINE MONTHS 1995 1994 Loss Shares Earnings Shares (In Thousands, Except per Share Amounts) Primary earnings (loss) per common share Net earnings (loss) available for common stock and weighted average number of common shares outstanding................................$ (302,249) 126,552 $ 101,427 128,930 Stock options assumed exercised - net............... - 497 - 678 -------- --------- -------- --------- Total net earnings (loss) and primary common shares.....................................$ (302,249) 127,049 101,427 $ 129,608 ========= ======= ======= ======= Primary earnings (loss) per common share............$ (2.38) $ .78 ======== ======== Fully diluted earnings (loss) per common share Net earnings (loss) available for common stock and weighted average number of common shares outstanding................................$ (302,249) 126,552 $ 101,427 128,930 Stock options assumed exercised - net............... - 600 - 678 -------- --------- -------- --------- Total net earnings (loss) and fully diluted common shares.....................................$ (302,249) 127,152 $ 101,427 129,608 ======== ========= ======= ======== Fully diluted earnings (loss) per common share......$ (2.38) $ .78 ======== =========
- 13 - EX-12 3 RATIO OF EARNINGS TO FIXED CHARGES BURLINGTON RESOURCES INC. RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 (UNAUDITED)
Nine Months Ended September 30, 1995 1994 (In Thousands, Except Ratio Amounts) Earnings Income (Loss) Before Income Taxes....................$ (570,390) $ 92,207 Add Interest and fixed charges.......................... 81,511 64,440 Portion of rent under long-term operating leases representative of an interest factor....... 3,325 3,400 ---------- ----------- Total Earnings Available for Fixed Charges...........$ (485,554) $ 160,047 ========== =========== Fixed Charges Interest and fixed charges...........................$ 81,511 $ 64,440 Portion of rent under long-term operating leases representative of an interest factor........ 3,325 3,400 Capitalized interest................................. 2,168 1,035 ---------- ----------- Total Fixed Charges..................................$ 87,004 $ 68,875 ========== =========== Ratio of Earnings to Fixed Charges(1)................. (5.58)x 2.32 x ========== ===========
(1) Earnings Available for Fixed Charges for 1995 are inadequate to cover Fixed Charges in the amount of approximately $573 million. - 14 - EX-27 4 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BURLINGTON RESOURCES INC. CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1995 AND THE RELATED CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 1995, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 9-MOS DEC-31-1995 SEP-30-1995 19,759 0 182,180 0 11,166 233,921 6,331,343 2,567,676 4,150,953 314,729 0 1,500 0 0 2,214,669 4,150,953 636,008 636,008 1,123,667 1,123,667 0 0 81,511 (570,390) (268,141) (302,249) 0 0 0 (302,249) (2.38) (2.38)
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