-----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, Sy6e/pFoM89MXxtX5jLv5LUttJXuXS2Fpd5KflcjJz2ry8Qo+9IwoPYtIGOQVy/K vHDxQs7N7RCkGQXWk74ZrQ== 0000950129-03-002532.txt : 20030508 0000950129-03-002532.hdr.sgml : 20030508 20030508080753 ACCESSION NUMBER: 0000950129-03-002532 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030508 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROQUEST ENERGY INC CENTRAL INDEX KEY: 0000872248 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 721440714 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19020 FILM NUMBER: 03687171 BUSINESS ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3372327028 MAIL ADDRESS: STREET 1: 400 E KALISTE SALOOM RD SUITE 6000 CITY: LAFAYETTE STATE: LA ZIP: 70508 FORMER COMPANY: FORMER CONFORMED NAME: OPTIMA PETROLEUM CORP DATE OF NAME CHANGE: 19950726 8-K 1 h05614e8vk.txt PETROQUEST ENERGY, INC.- MAY 8, 2003 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 (Date of earliest event reported): May 8, 2003 (May 8, 2003) PETROQUEST ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware (State of incorporation) 1-9020 76-1440714 (Commission File Number) (IRS Employer Identification No.) 400 E. Kaliste Saloom Road, Suite 6000, Lafayette, Louisiana 70508 (Address of Registrant's principal executive offices) Registrant's telephone number, including area code (337) 232-7028 Not Applicable (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS a. Financial Statement of Business Acquired None. b. Pro Forma Financial Information None. c. Exhibits 99.1 Press Release ITEM 9. REGULATION FD DISCLOSURE In accordance with Securities and Exchange Commission Release Nos. 33-8216 and 34-47583, the following information, which is intended to be furnished under Item 12, "Results of Operations and Financial Condition," is instead being furnished under Item 9, "Regulation FD Disclosure." The information in this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On May 8, 2003, PetroQuest Energy, Inc. (the "Company") issued a press release announcing financial results for its first fiscal quarter ended March 31, 2003. A copy of the press release announcing the results is filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. 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. Date: May 8, 2003 PETROQUEST ENERGY, INC. By:/s/ Daniel G. Fournerat ------------------------------ Daniel G. Fournerat Senior Vice President, General Counsel and Secretary 2 EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION - ------ ----------- 99.1 Press Release
EX-99.1 3 h05614exv99w1.txt PRESS RELEASE . . . [PETROQUEST ENERGY, INC. LOGO] NEWS RELEASE FOR IMMEDIATE RELEASE For further information, contact: Robert R. Brooksher, Vice President - Corporate Communications (337) 232-7028
PETROQUEST ENERGY, INC. ANNOUNCES FIRST QUARTER RESULTS Lafayette, Louisiana - May 8, 2003 - PetroQuest Energy, Inc. (NASDAQ: PQUE) announced today net income for the quarter ended March 31, 2003 of $2,993,000 or $0.07 per share, as compared to first quarter 2002 net loss of $364,000 or $(0.01) per share. First quarter 2003 net income includes an after-tax gain of $849,000 for the cumulative effect of a change in accounting principle related to the adoption of Statement of Accounting Standards No. 143, "Accounting For Asset Retirement Obligations." Net cash flow provided by operating activities for the first quarter of 2003 was $6,688,000, as compared to $4,067,000 for the comparable 2002 period. Net cash flow provided by operating activities before working capital changes for the first quarter of 2003 was $12,002,000, as compared to $6,745,000 for the comparable 2002 period. See the attached schedule for a reconciliation of net cash flow provided by operating activities to net cash flow provided by operating activities before working capital changes. Oil and gas sales during the first quarter of 2003 increased 54% to $16,154,000 as compared to the first quarter of 2002. This increase is the result of higher product prices. Stated on a Mcfe basis, unit prices received during the first quarter of 2003 were 94% higher than the prices received during the comparable 2002 period. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three-month periods ended March 31, 2003 and 2002:
Three Months Ended March 31, 2003 2002 ---------- ---------- Production: Oil (Bbls) 234,830 234,508 Gas (Mcf) 1,606,318 2,384,964 Total Production (Mcfe) 3,015,298 3,792,012 Sales: Total Oil Sales $7,235,119 $4,853,441 Total Gas Sales $8,918,569 $5,655,498 Average sales prices: Oil (per Bbl) $30.81 $20.70 Gas (per Mcf) $5.55 $2.37 Per Mcfe $5.36 $2.77
The following initiates guidance for the second quarter of 2003:
Guidance for Description 2nd Quarter 2003 - ----------- ---------------- Production volumes (MMcfe/d) 21 - 23 Percent gas 50% Expenses: Lease operating expenses (per Mcfe) $1.20 - $1.30 Production taxes (per Mcfe) $0.06 - $0.08 Depreciation, depletion and amortization (per Mcfe) $2.80 - $2.90 General and administrative (in millions) $1.2 - $1.4 Interest expense (in millions) $.100 - $.125 Effective tax rate (all deferred) 35%
PetroQuest Energy Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Gulf Coast Basin, both onshore and in shallow waters offshore. This press release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are our estimate of the sufficiency of our existing capital sources, our ability to raise additional capital to fund cash requirements for future operations, the uncertainties involved in estimating quantities of proved oil and natural gas reserves, in prospect development and property acquisitions and in projecting future rates of production, the timing of development expenditures and drilling of wells, and the operating hazards attendant to the oil and gas business. In particular, careful consideration should be given to cautionary statements made in the various reports PetroQuest has filed with the Securities and Exchange Commission. PetroQuest undertakes no duty to update or revise these forward-looking statements. PETROQUEST ENERGY, INC. Consolidated Statements of Operations (Amounts In Thousands, Except Per Share Data)
Three Months Ended March 31, 2003 2002 -------- -------- Revenues: Oil and gas sales $ 16,154 $ 10,509 Interest and other income (24) (12) -------- -------- 16,130 10,497 -------- -------- Expenses: Lease operating expenses 2,762 2,349 Production taxes 210 202 Depreciation, depletion and amortization 8,473 7,094 General and administrative 1,223 1,200 Accretion of asset retirement obligation 140 - Interest expense 23 211 -------- -------- 12,831 11,056 -------- -------- Income from operations 3,299 (559) Income tax expense 1,155 (195) -------- -------- Income (loss) before cumulative effect of change in accounting principle $ 2,144 $ (364) Cumulative effect of change in accounting principle 849 - -------- -------- Net income (loss) $ 2,993 $ (364) ======== ======== Earnings (loss) per common share: Basic Income (loss) before cumulative effect of change in accounting principle $ 0.05 $ (0.01) Cumulative effect of change in accounting principle 0.02 - -------- -------- Net income (loss) $ 0.07 $ (0.01) ======== ======== Diluted Income (loss) before cumulative effect of change in accounting principle $ 0.05 $ (0.01) Cumulative effect of change in accounting principle 0.02 - -------- -------- Net income (loss) $ 0.07 $ (0.01) ======== ======== Weighted average number of common shares: Basic 42,852 34,724 ======== ======== Diluted 44,168 34,724 ======== ========
PETROQUEST ENERGY, INC. Non-GAAP Disclosure Reconciliation (Amounts In Thousands)
Three Months Ended March 31, 2003 2002 -------- -------- Net cash provided by operating activities $ 6,688 $ 4,067 Changes in working capital accounts 5,314 2,678 -------- -------- Net cash flow provided by operations before working capital changes $ 12,002 $ 6,745 ======== ========
Note: Management believes that net cash flow provided by operating activities before working capital changes is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company's ability to generate cash used to internally fund exploration and development activities and to service debt. Net cash flow provided by operating activities before working capital changes is not a measure of financial performance prepared in accordance with generally accepted accounting principles ("GAAP") and should not be considered in isolation or as an alternative to net cash flow provided by operating activities. In addition, since net cash flow provided by operating activities before working capital changes is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies. -----END PRIVACY-ENHANCED MESSAGE-----