-----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, RLi5zymd+ipcHA+ZcUxCIDwegtd06WqZSgkufkU3R5vL2ff7hGQL0sP9Lz/4lDbp OmzTgl9ghr41fEYZGXyInA== 0000950129-99-003085.txt : 19990709 0000950129-99-003085.hdr.sgml : 19990709 ACCESSION NUMBER: 0000950129-99-003085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990708 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANTA FE SNYDER CORP 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: SEC FILE NUMBER: 001-07667 FILM NUMBER: 99660718 BUSINESS ADDRESS: STREET 1: 1616 S.VOSS RD. STREET 2: STE. 1000 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 7135075000 MAIL ADDRESS: STREET 1: 1616 S VOSS ROAD STE 1000 CITY: HOUSTON STATE: TX ZIP: 77057 FORMER COMPANY: FORMER CONFORMED NAME: SANTA FE ENERGY RESOURCES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SANTA FE NATURAL RESOURCES INC DATE OF NAME CHANGE: 19900111 8-K 1 SANTA FE SNYDER CORPORATION - DATED 07/08/99 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT: JULY 08, 1999 SANTA FE SNYDER CORPORATION (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.) 840 GESSNER SUITE 1400 HOUSTON, TEXAS 77024 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (713) 507-5000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) 2 ITEM 5. OTHER EVENTS. This Current Report on Form 8-K is being filed by Santa Fe Snyder Corporation to provide unaudited historical interim financial information for the quarter ended March 31, 1999 for Snyder Oil Corporation. Snyder Oil Corporation's unaudited historical interim financial statements for the quarter ended March 31, 1999 are included as Exhibit 99.1 to this Form 8-K. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS. Exhibit Number Description 99.1 Financial Statements of Snyder Oil Corporation. 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 hereunto duly authorized. SANTA FE SNYDER CORPORATION By: /s/ MICHAEL S. WILKES ------------------------------- Michael S. Wilkes Vice President and Chief Accounting Officer Date: July 8, 1999 4 INDEX TO EXHIBITS Exhibit Number Description 99.1 Financial Statements of Snyder Oil Corporation. EX-99.1 2 FINANCIAL STATEMENTS OF SNYDER OIL CORPORATION 1 Exhibit 99.1 SNYDER OIL CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 1999 1998 ------------- ------------- Revenues: Oil and gas sales........................................................... $ 30.0 $ 32.8 Gas transportation, processing and marketing margin......................... 0.6 0.5 Gains on sales of properties................................................ 0.4 0.0 ------------- ------------- Total revenues............................................................ 31.0 33.3 ------------- ------------- Costs and expenses: Direct operating............................................................ 9.0 8.4 Exploration................................................................. 11.9 3.2 General and administrative ................................................. 4.3 4.2 Financing costs, net........................................................ 4.2 2.8 Other....................................................................... 0.2 0.1 Depletion, depreciation and amortization.................................... 13.9 11.8 ------------- ------------- Income (loss) before income taxes................................................ (12.5) 2.8 Income tax (expense) benefit................................................ 4.4 (1.0) ------------- ------------- Net income (loss)................................................................ $ (8.1) $ 1.8 ============= ============= Net income (loss) per share, basic............................................... $ (0.24) $ 0.06 ============= ============= Net income (loss) per share, diluted............................................. $ (0.24) $ 0.05 ============= ============= Weighted average number of shares outstanding.................................... 33.4 33.4 ============= =============
The accompanying notes are an integral part of these consolidated financial statements. 2 SNYDER OIL CORPORATION CONSOLIDATED BALANCE SHEET (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
MARCH 31, DECEMBER 31, 1999 1998 ------------- ------------- (Unaudited) ASSETS Current Assets: Cash and cash equivalents.................................................... $ 11.2 $ 6.2 Accounts receivable, net..................................................... 18.8 27.6 Other current assets......................................................... 2.3 1.8 ------------- ------------- Total Current Assets....................................................... 32.3 35.6 ------------- ------------- Investments..................................................................... 26.3 24.0 Properties, plant and equipment: Oil and gas (successful efforts method of accounting)........................ 527.3 542.3 Accumulated depletion, depreciation, amortization and impairment............. (193.3) (189.3) ------------- ------------- Net oil and gas properties................................................. 334.0 353.0 ------------- ------------- Gas facilities and other..................................................... 21.4 26.3 Accumulated depreciation and amortization.................................... (9.4) (9.4) ------------- ------------- Net gas facilities and other............................................... 12.0 16.9 ------------- ------------- Total properties, plant and equipment...................................... 346.0 369.9 ------------- ------------- Other Assets: Other...................................................................... 4.4 4.4 ------------- ------------- Total Other Assets......................................................... 4.4 4.4 ------------- ------------- Total Assets.................................................................... $ 409.0 $ 433.9 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable ............................................................ $ 18.9 $ 21.4 Accrued liabilities.......................................................... 48.2 51.9 ------------- ------------- Total Current Liabilities.................................................. 67.1 73.3 ------------- ------------- Long-term debt.................................................................. 206.8 212.8 Other long-term obligations..................................................... 18.8 19.4 Shareholders' Equity: Common stock, $0.01 par value, 75.0 shares authorized, 36.1 shares issued and outstanding,........................................ 0.4 0.4 Capital in excess of par value............................................... 239.0 238.7 Retained earnings............................................................ 0.6 10.9 Treasury stock, at cost, 2.7 shares.......................................... (46.2) (46.2) Unrealized losses on investments............................................. (77.5) (75.4) ------------- ------------- Total Shareholders' Equity...................................................... 116.3 128.4 ------------- ------------- Total Liabilities and Shareholders' Equity...................................... $ 409.0 $ 433.9 ============= =============
The accompanying notes are an integral part of these consolidated financial statements. 3 SNYDER OIL CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (IN MILLIONS) (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 1999 1998 ------------- ------------- Operating activities: Net income (loss)............................................................ $ (8.1) $ 1.8 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depletion, depreciation and amortization................................... 13.9 11.8 Deferred income taxes...................................................... (4.4) 1.0 Gains on sales of properties............................................... (0.4) - Exploration expense........................................................ 11.9 3.2 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable................................. 8.8 1.6 Decrease (increase) in inventory and other................................. (0.5) (0.7) Increase (decrease) in accounts payable.................................... (2.5) (2.6) Increase (decrease) in accrued liabilities................................. (4.3) 5.5 Net change in other liabilities............................................ (0.7) (0.3) ------------- ------------ Net cash provided by operating activities....................................... 13.7 21.3 ------------- ------------ Investing activities: Acquisition, exploration and development..................................... (26.2) (37.5) Proceeds from sales of properties............................................ 25.5 - ------------- ------------ Net cash used in investing activities........................................... (0.7) (37.5) ------------- ------------ Financing activities: Issuance of common stock..................................................... 0.2 2.1 Increase in long term debt................................................... (6.0) - Dividends.................................................................... (2.2) (2.2) Repurchase of common stock................................................... - (0.8) ------------- ------------ Net cash used in financing activities........................................... (8.0) (0.9) -------------- ------------ Increase (decrease) in cash..................................................... 5.0 (17.1) Cash and equivalents at beginning of period .................................... 6.2 89.4 ------------- ------------ Cash and equivalents at end of period .......................................... $ 11.2 $ 72.3 ============= ============ Non cash investing and financing activities: Exchange of company stock to retire notes receivable......................... $ - $ 0.6
The accompanying notes an are integral part of these consolidated financial statements. 4 NOTE 1 . BASIS OF FINANCIAL STATEMENT PRESENTATION These unaudited consolidated financial statements have been prepared by Santa Fe Snyder Corporation, the successor to Snyder Oil Corporation (the "Company"), pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. Certain amounts in the prior periods' consolidated financial statements have been reclassified to conform with current classification. These consolidated financial statements should be read in conjunction with the financial statements and the summary of significant accounting policies and notes thereto included in the Company's most recent Annual Report on Form 10-K/A. NOTE 2. INVESTMENTS The Company held marketable securities of two foreign energy companies accounted for using the cost method. The Company follows Statement of Financial Accounting Standards No. 115 ("SFAS 115"), "Accounting for Certain Investments in Debt and Equity Securities," which requires that such investments be adjusted to their fair value with a corresponding increase or decrease to stockholders' equity. The following table sets forth the book/fair values and carrying costs of the investments (in thousands):
March 31, 1999 December 31, 1998 ------------------------------------ ----------------------------------- Book/Fair Carrying Book/Fair Carrying Value Cost Value Cost ------------- -------------- ------------- ------------- Cairn $ 21,274 $ 73,140 $ 17,231 $ 73,140 SOCI plc 5,044 30,923 6,752 30,923 ------------- -------------- ------------- ------------- $ 26,318 $ 104,063 $ 23,983 $ 104,063 ============= ============== ============= =============
5 NOTE 3. EARNINGS PER SHARE Effective December 31, 1997, the Company adopted Statement of Financial Accounting Standards No. 128 ("SFAS 128"), "Earning per Share", which prescribes standards for computing and presenting earnings per share and supersedes APB Opinion No. 15, "Earnings per Share." In accordance with SFAS 128, income applicable to common has been calculated based on the weighted average shares outstanding during the year and income applicable to common-assuming dilution has been calculated assuming the exercise of conversion of all dilutive securities as of January 1, 1999 and 1998, or as of the date of issuance if later. The following table illustrates the calculation of earnings per share.
INCOME SHARE PER-SHARE ----------- ----------- --------- FOR THE THREE MONTHS ENDED MARCH 31, 1999 Loss applicable to common shareholders $ (8.1) 33.4 $ (.24) =========== =========== FOR THE THREE MONTHS ENDED MARCH 31, 1998 Income available to common shareholders $ 1.8 33.4 $ .06 Effect of dilutive securities Stock options - .2 ----------- ----------- Income available common-assuming dilution $ 1.8 33.6 $ .05 =========== ===========
As of March 31, 1999, the only potentially dilutive securities outstanding were stock options that have yet to be exercised. NOTE 4. MERGER On May 5, 1999, the merger of Snyder Oil Corporation with and into Santa Fe Energy Resources, Inc. ("Santa Fe") was completed forming Santa Fe Snyder Corporation. Under the agreement, Snyder shareholders received 2.05 shares of Santa Fe common stock for each share of Snyder common stock. -----END PRIVACY-ENHANCED MESSAGE-----