-----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, D+cqh+7Mm25asBxatqiYlGEEMHnUydNg1XaJvcx+V0FbOkQdLwhgC/juF9xLFW5U rzqOX+EClRF0CaC4CdirJw== 0000950134-99-000504.txt : 19990129 0000950134-99-000504.hdr.sgml : 19990129 ACCESSION NUMBER: 0000950134-99-000504 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990128 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORYX ENERGY CO CENTRAL INDEX KEY: 0000836442 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 231743284 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10053 FILM NUMBER: 99514911 BUSINESS ADDRESS: STREET 1: 13155 NOEL RD CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2147154000 MAIL ADDRESS: STREET 1: 13155 NOEL ROAD CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: SUN EXPLORATION & PRODUCTION CO DATE OF NAME CHANGE: 19890503 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) JANUARY 28, 1999 ORYX ENERGY COMPANY -------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE -------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 1-10053 --------------------------------- (Commission File Number) 23-1743284 ------------------------------------------- (IRS Employer Identification Number) 13155 NOEL ROAD, DALLAS, TEXAS 75240-5067 -------------------------------------------------------------- (Address of principal executive offices, including zip code) (972) 715-4000 --------------------------------------------------------- (Registrant's telephone number, including area code) 2 ITEM 5. OTHER EVENTS. On January 28, 1999, Oryx Energy Company issued a press release announcing its earnings and results of operations for the fourth quarter and twelve months ended December 31, 1998. A copy of such press release is attached as an exhibit hereto and is incorporated by reference herein. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. Ex. 99 Press Release dated January 28, 1999 of Oryx Energy Company. 2 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Oryx Energy Company By: /s/ EDWARD W. MONEYPENNY -------------------------- Edward W. Moneypenny Executive Vice President, Finance, Chief Financial Officer and Director Date: January 28, 1999 3 4 EXHIBIT INDEX Ex. 99 Press Release, dated January 28, 1999 of Oryx Energy Company. EX-99 2 PRESS RELEASE DATED JANUARY 28, 1999 1 EXHIBIT 99 NYSE:ORX FOR IMMEDIATE RELEASE JANUARY 28, 1999 ORYX ENERGY REPORTS RESULTS FOR FOURTH QUARTER AND YEAR 1998 Oryx Energy reported a net loss of $71 million, or $.67 per share, for the quarter ended December 31, 1998, compared to net income of $39 million, or $.37 per share, for the same quarter last year. Revenues for the 1998 fourth quarter were $190 million versus $301 million for 1997. Net loss for 1998 was $95 million, or $.90 per share compared to net income of $170 million, or $1.61 per share for 1997. Revenues generated in 1998 were $820 million compared to $1,197 million in 1997. "Our fourth quarter revenues were significantly lower, particularly hard hit by oil prices that averaged 34 percent below the prior year," said Robert L. Keiser, chairman and CEO. The 1998 fourth quarter net loss of $71 million includes a $49 million after-tax non-cash asset write-down in accordance with FAS 121 primarily due to low oil and gas prices, a $5 million net charge for employee terminations, a $1 million gain on sale of assets and a $2 million benefit from the remeasurement of foreign deferred taxes. By comparison, the 1997 fourth quarter net income of $39 million includes a $1 million charge from remeasurement of foreign deferred taxes and a $2 million extraordinary loss from the early renewal of a revolving credit agreement. 2 Compared to the same quarter last year, worldwide oil prices decreased by $6.08 per barrel, or 34 percent, and U.S. natural gas prices decreased by $.44 per mcf, or 17 percent. Crude oil volumes decreased by 13 mb/d and natural gas volumes decreased by 107 mmcf/d. Comparing 1998 to 1997, worldwide oil prices decreased by $5.36 per barrel, or 29 percent and U.S. gas prices decreased $.30 per mcf, or 13 percent. Crude oil volumes decreased 9 mb/d and natural gas volumes decreased by 117 mmcf/d. Discretionary cash flow for the fourth quarter was $118 million, or $1.11 per share, compared to $169 million, or $1.60 per share, in the 1997 fourth quarter. For the full year, discretionary cash flow was $416 million, or $3.92 per share versus $606 million, or $5.74 per share in 1997. For the year, the company reported replacing 100 percent of its 1998 production at a cost of $8.23 per equivalent barrel. 1998 reserve additions resulted primarily from the Yuralpa discovery at Block 21 in Ecuador and the extension of the Conger field at Garden Banks 215 in the Gulf of Mexico. Year-end reserves were reported at 614 million equivalent barrels. Year-end debt was reported at $1,306 million. Kerr-McGee Corporation and Oryx Energy Company recently announced a strategic merger that will create the fourth largest proven reserve base among independent, non-integrated oil and gas exploration and production companies based in the U.S. Cost savings and synergies are estimated to be in excess of $100 million per year. The transaction is subject to the approval by the shareholders of both companies, along with other customary closing conditions and is anticipated to close in the first quarter. The issuance of Kerr-McGee stock in the merger will be made only by means of a prospectus. Dallas-headquartered Oryx Energy Company is one of the largest independent oil and gas companies and trades on the New York Stock Exchange with the symbol "ORX". Oryx Energy conducts its domestic business through Sun Energy Partners, L.P., which trades with the symbol "SLP". Copies of this release may be obtained on the Oryx home page at www.oryx.com. 3
Quarter Ended Twelve Months Ended December 31 December 31 -------------------- -------------------- 1998 1997 1998 1997 ------- ------- ------- ------- (Millions of Dollars) Revenues Oil and gas $ 184 $ 301 $ 798 $ 1,213 Other 6 -- 22 (16) ------- ------- ------- ------- 190 301 820 1,197 ------- ------- ------- ------- Costs and Expenses Operating costs 59 59 226 255 Production taxes 8 40 50 161 Exploration costs 38 31 133 80 DD&A 149 80 374 311 G&A 12 14 52 58 Interest and debt expense 29 28 115 111 Interest capitalized (1) (4) (16) (16) Provision for restructuring 8 -- 33 -- ------- ------- ------- ------- 302 248 967 960 ------- ------- ------- ------- (112) 53 (147) 237 Provision (Benefit) for Income Tax (39) 11 (52) 68 Remeasurement of Foreign Deferred Tax (2) 1 -- (3) ------- ------- ------- ------- Income (Loss) Before Extraordinary Item (71) 41 (95) 172 Extraordinary Item -- (2) -- (2) ------- ------- ------- ------- Net Income (Loss) $ (71) $ 39 $ (95) $ 170 ======= ======= ======= ======= Basic Net Income (Loss) Per Share* Before extraordinary item $ (.67) $ .39 $ (.90) $ 1.63 Extraordinary item -- (.02) -- (.02) ------- ------- ------- ------- Net income (loss) $ (.67) $ .37 $ (.90) $ 1.61 ======= ======= ======= ======= Basic Common Shares (in millions) 106.2 105.8 106.1 105.6 Discretionary Cash Flow $ 118 $ 169 $ 416 $ 606 DCF Per Share $ 1.11 $ 1.60 $ 3.92 $ 5.74 ED&A Outlays $ 67 $ 121 $ 530 $ 547 Average Daily Net Production Crude and Condensate (MBbl) United States 43 50 44 46 United Kingdom 50 56 53 60 Other Foreign 8 8 9 9 ------- ------- ------- ------- Worldwide 101 114 106 115 Natural Gas (MMcf) United States 365 467 375 490 United Kingdom 8 13 10 12 ------- ------- ------- ------- Worldwide 373 480 385 502 Average Price Crude and Condensate ($ per Bbl) United States 12.51 18.21 13.58 18.75 United Kingdom 12.36 18.57 13.55 19.00 Other Foreign 6.11 12.54 7.24 12.88 Worldwide 11.91 17.99 13.07 18.43 Natural Gas ($ per Mcf) United States 2.11 2.55 2.10 2.40 United Kingdom 2.70 2.09 2.34 2.26 Worldwide 2.13 2.53 2.10 2.39
* Diluted earnings per share were the same as basic earnings per share for each quarter and for the 1998 twelve months and one cent less than basic for the 1997 twelve months. -----END PRIVACY-ENHANCED MESSAGE-----