-----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, F7ekZWt6xPVRIWETrFBeGkMtNs5pHK0XX5Xz77ysCVFsvs/GSPTMaWDxc6KQXVgj ttVfPvAi5UnXzqfj7Kv0eQ== 0000950129-96-000127.txt : 19960207 0000950129-96-000127.hdr.sgml : 19960207 ACCESSION NUMBER: 0000950129-96-000127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960124 ITEM INFORMATION: Other events FILED AS OF DATE: 19960206 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANTA FE ENERGY RESOURCES INC CENTRAL INDEX KEY: 0000086772 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 362722169 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07667 FILM NUMBER: 96511822 BUSINESS ADDRESS: STREET 1: 1616 S VOSS RD STE 1000 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 7137832401 MAIL ADDRESS: STREET 1: 1616 S VOSS ROAD STE 1000 CITY: HOUSTON STATE: TX ZIP: 77057 FORMER COMPANY: FORMER CONFORMED NAME: SANTA FE NATURAL RESOURCES INC DATE OF NAME CHANGE: 19900111 8-K 1 SANTA FE ENERGY RESOURCES, INC. - DATED 01/24/96 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF SECURITIES EXCHANGE ACT OF 1934 -------------------------- DATE OF EARLIEST EVENT REPORTED: JANUARY 24, 1996 SANTA FE ENERGY RESOURCES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-7667 36-2722169 (STATE OR OTHER JURISDICTION (COMMISSION FILE NO.) (I.R.S. EMPLOYER OF INCORPORATION) IDENTIFICATION NO.)
1616 SOUTH VOSS ROAD, SUITE 1000, HOUSTON, TEXAS 77057 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 507-5000 ================================================================================ 2 ITEM 5. OTHER EVENTS On January 24, 1996, the Company reported 1995 net income of $26.6 million, with income to common stock of $11.8 million (or approximately $0.13 per share), compared with 1994 net income of $17.1 million and income to common stock of $5.4 million (or approximately $0.06 per share). Revenues for 1995 totaled $442.0 million, compared with $391.4 million in 1994. For the fourth quarter of 1995, the Company reported net income of $8.4 million, with income attributable to common stock of $4.7 million (or approximately $0.05 per share), compared with net income of $4.5 million and income attributable to common stock of $0.8 million (or approximately $0.01 per share) for the same period in 1994. Revenues for the quarter totaled $122.6 million compared with $97.8 million in the fourth quarter of 1994, primarily due to increased production of both oil and gas and to the recognition of the settlement of a disputed gas sales contract during the quarter. Total production in 1995 was 33.3 million oil equivalent barrels compared to 32.3 million oil equivalent barrels in 1994. Oil production for 1995 averaged 66,300 barrels per day compared to 65,700 barrels per day in 1994. Natural gas production in 1995 averaged 150.0 million cubic feet per day compared to 136.6 million cubic feet per day in 1994. Oil production in the fourth quarter of 1995 averaged 68,400 barrels per day compared to 64,800 barrels per day in the fourth quarter of 1994. Natural gas production in the fourth quarter of 1995 averaged 160.2 million cubic feet per day compared to 125.1 million cubic feet per day in the fourth quarter of 1994. Oil prices recognized by the Company in 1995 averaged $14.15 per barrel, including a $0.10 per barrel benefit from oil price hedging, compared with $12.41 per barrel recognized in 1994 without any price hedging. Natural gas prices recognized by the Company during 1995 averaged $1.43 per thousand cubic feet ("Mcf"), net of a $0.01 per Mcf hedging expense, compared with $1.73 Mcf in 1994, net of $0.02 per Mcf hedging expense. In the fourth quarter of 1995, crude oil prices recognized by the Company averaged $13.43 per barrel, net of a $0.10 per barrel hedging expense, compared with $13.22 per barrel in the 1994 period without any oil price hedging. Natural gas prices recognized during the fourth quarter of 1995 averaged $1.64 per Mcf, net of a $0.02 per Mcf hedging expense, compared with $1.43 during the 1994 period without any natural gas price hedging. Costs and expenses in 1995 totaled $388.1 million, compared with $343.2 million in 1994, with the increase primarily due to a $30.2 million impairment charge against producing properties in the fourth quarter of 1995 that was associated with adoption of a new accounting standard. Costs and expenses totaled $123.5 million in the 1995 fourth quarter compared with $81.5 million in the fourth quarter of 1994. -2- 3 SANTA FE ENERGY RESOURCES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (IN MILLIONS OF DOLLARS, EXCEPT AS NOTED)
Three Months Ended Year Ended December 31, December 31, --------------------- --------------------- 1995 1994 1995 1994 ---- ---- ---- ---- (unaudited) (unaudited) (unaudited) REVENUES Crude oil and liquids sales 83.4 77.9 337.9 293.7 Natural gas sales 23.6 16.2 77.1 83.4 Crude oil marketing and trading 4.1 2.6 14.4 11.3 Other 11.5 1.1 12.6 3.0 ----- ---- ----- ----- TOTAL REVENUES 122.6 97.8 442.0 391.4 ----- ---- ----- ----- COSTS AND EXPENSES Production and operating 40.7 36.1 154.9 150.0 Exploration, including dry hole costs 5.7 4.9 23.4 20.4 Depletion, depreciation and amortization 35.9 28.6 133.2 121.3 Impairment of oil and gas properties 30.2 -- 30.2 -- General and administrative 7.0 6.3 26.9 27.3 Taxes (other than income 4.0 5.7 19.2 25.8 Restructuring charges -- -- -- 7.0 Loss (gain) on disposition of properties -- (0.1) 0.3 (8.6) ---- ---- ----- ----- TOTAL COSTS AND EXPENSES 123.5 81.5 388.1 343.2 ----- ---- ----- ----- Income from Operations (0.9) 16.3 53.9 48.2 Interest income 8.7 1.0 10.7 2.8 Interest expense (4.5) (8.3) (32.5) (27.5) Interest capitalized 1.5 0.8 5.8 3.6 Other income (0.9) (4.1) (1.6) (4.0) ----- ---- ----- ----- Income (Loss) Before Income Taxes 3.9 5.7 36.3 23.1 Income taxes 4.5 (1.2) (9.7) (6.0) ----- ---- ----- ----- Net Income (Loss) 8.4 4.5 26.6 17.1 Preferred dividend requirement (3.7) (3.7) (14.8) (11.7) ----- ----- ----- ----- Earnings (Loss) to Common Shares 4.7 0.8 11.8 5.4 ===== ==== ===== ===== Earnings (Loss) per Share 0.05 0.01 0.13 0.06 ===== ===== ===== ===== Average Shares Outstanding (in millions) 90.3 90.0 90.2 89.9 ===== ==== ===== =====
-3- 4 SANTA FE ENERGY RESOURCES, INC. CONSOLIDATED BALANCE SHEETS (IN MILLIONS OF DOLLARS)
December 31, December 31, 1995 1994 ----------- ------------ (unaudited) ASSETS Cash 42.6 53.7 Other Current Assets 116.7 103.5 ------- ------- 159.3 157.2 Investment in Hadson Corporation -- 57.0 Property and Equipment, net 889.5 843.0 Other Assets 16.0 14.2 ------- ------- 1,064.8 1,071.4 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Portion of Long-Term Debt -- 3.9 Other Current Liabilities 109.6 122.1 ------- ------- 109.6 126.0 Long-Term Debt 344.4 350.4 Deferred Income Taxes 64.0 56.3 Other Long-Term Obligations 29.1 35.4 Convertible Preferred Stock 80.0 80.0 Shareholders' Equity 437.7 423.3 ------- ------- 1,064.8 1,071.4 ======= =======
-4- 5 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. SANTA FE ENERGY RESOURCES, INC. By: /s/ DAVID L. HICKS --------------------------------- David L. Hicks Vice President - Law and General Counsel Date: February 6, 1996 -5- -----END PRIVACY-ENHANCED MESSAGE-----