-----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, AMUmReSSYJoMp9R9Usadh9NvjWP6osRWn2Xmd7fGsbY2B8Nu/UIq3KXxdD31/Ijt b0hBeNdm6JnCVO+DpZMahQ== 0000950129-96-002874.txt : 19961113 0000950129-96-002874.hdr.sgml : 19961113 ACCESSION NUMBER: 0000950129-96-002874 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: STONE ENERGY CORP CENTRAL INDEX KEY: 0000904080 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 721235413 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12074 FILM NUMBER: 96658908 BUSINESS ADDRESS: STREET 1: 625 E KALISTE SALOOM RD CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3182370410 MAIL ADDRESS: STREET 1: 625 E KALISTLE SALOOM RD CITY: LAFAYETTE STATE: LA ZIP: 70508 10-Q 1 STONE ENERGY CORPORATION - FORM 10-Q - 09/30/96 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------ FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-12074 ------------ STONE ENERGY CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 72-1235413 (State or other jurisdiction (I.R.S. employer of incorporation or organization) identification no.) 625 E. KALISTE SALOOM ROAD LAFAYETTE, LOUISIANA 70508 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (318) 237-0410 ------------ 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 ___ As of November 4, 1996 there were 11,794,249 shares of the Registrant's Common Stock, par value $.01 per share, outstanding. 2 TABLE OF CONTENTS PAGE PART I Item 1. Financial Statements: Condensed Consolidated Balance Sheet as of September 30, 1996 and December 31, 1995......... 1 Condensed Consolidated Statement of Operations for the Three and Nine Month Periods Ended September 30, 1996 and 1995............................ 2 Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 1996 and 1995.. 3 Notes to Condensed Consolidated Financial Statements..... 4 Auditors' Review Report.................................. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................... 7 PART II Item 5. Other Information.......................................... 10 Item 6. Exhibits and Reports on Form 8-K........................... 11 -i- 3 STONE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET (In Thousands)
September 30, December 31, Assets 1996 1995 ------------------ ----------------- (Unaudited) Current assets: Cash and cash equivalents.................................... $ 6,686 $ 6,286 Marketable securities, at market............................. 20,124 10,232 Accounts receivable.......................................... 10,621 7,336 Other current assets......................................... 236 612 ------------------ ----------------- Total current assets....................................... 37,667 24,466 Oil and gas properties, net: Proved....................................................... 154,009 108,820 Unevaluated.................................................. 4,798 2,428 Building and land, net of accumulated depreciation............... 3,229 3,284 Other assets, net................................................ 1,334 462 ------------------ ----------------- Total assets............................................... $201,037 $139,460 ================== ================= Liabilities and Equity Current liabilities - accounts payable and accrued liabilities.......................................... $ 27,647 $ 19,087 Long-term loans.................................................. 87,698 47,754 Deferred tax liability........................................... 10,334 5,413 Other long-term liabilities...................................... 259 279 ------------------ ----------------- Total liabilities.......................................... 125,938 72,533 ------------------ ----------------- Common stock..................................................... 118 118 Additional paid in capital....................................... 52,191 52,157 Retained earnings................................................ 22,790 14,652 ------------------ ----------------- Total equity............................................... 75,099 66,927 ------------------ ----------------- Total liabilities and equity............................... $201,037 $139,460 ================== =================
-1- 4 STONE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In Thousands, Except per Share Amounts) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, ------------------------------- -------------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ------------ Revenues Oil and gas production..................... $12,857 $10,302 $41,248 $28,024 Overhead reimbursements and management fees..................... 196 137 561 348 Other income............................... 198 217 938 738 ----------- ----------- ----------- ------------ Total revenues...................... 13,251 10,656 42,747 29,110 ----------- ----------- ----------- ------------ Expenses Normal lease operating expenses............ 2,147 1,438 6,115 4,052 Major maintenance expenses................. 11 34 271 106 Production taxes........................... 892 814 2,403 2,276 Depreciation, depletion and amortization............................. 5,163 4,408 15,497 11,786 Interest................................... 959 576 2,496 1,485 Salaries, general and administrative....... 794 792 2,456 2,594 Incentive compensation plan................ - - 278 281 ----------- ----------- ----------- ------------ Total expenses...................... 9,966 8,062 29,516 22,580 ----------- ----------- ----------- ------------ Net income before income taxes............................... 3,285 2,594 13,231 6,530 ----------- ----------- ----------- ------------ Provision for income taxes Current.................................... 51 108 173 108 Deferred .................................. 1,213 890 4,920 2,405 ----------- ----------- ----------- ------------ 1,264 998 5,093 2,513 ----------- ----------- ----------- ------------ Net income................................... $ 2,021 $ 1,596 $ 8,138 $ 4,017 =========== =========== =========== ============ Primary and fully diluted earnings per share: Net income per share..................... $ 0.17 $ 0.14 $ 0.68 $ 0.34 =========== =========== =========== ============ Average shares outstanding............... 11,959 11,803 11,933 11,819 =========== =========== =========== ============
-2- 5 STONE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In Thousands) (Unaudited)
Nine Months Ended September 30, ----------------------------------------- 1996 1995 ----------------- ---------------- Cash flows from operating activities: Net income.................................................... $ 8,138 $ 4,017 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization............... 15,497 11,786 Provision for deferred income taxes.................... 4,920 2,405 ----------------- ---------------- 28,555 18,208 (Increase) decrease in marketable securities......... (9,892) 6,101 (Increase) decrease in accounts receivable............. (3,285) 837 (Increase) decrease in other current assets............ 376 (263) Increase (decrease) in accounts payable and accrued liabilities...................... 260 (3,599) Deferred financing costs............................... (653) - Other.................................................. (21) (47) ----------------- ---------------- Net cash provided by operating activities........................ 15,340 21,237 ----------------- ---------------- Cash flows from investing activities: Investment in oil and gas properties.......................... (54,569) (36,830) Other asset additions......................................... (354) (94) ----------------- ---------------- Net cash used in investing activities............................ (54,923) (36,924) ----------------- ---------------- Cash flows from financing activities: Proceeds from borrowings...................................... 44,000 20,600 Repayment of debt............................................. (4,051) (5,000) Exercise of stock options..................................... 34 66 ----------------- ---------------- Net cash provided by financing activities........................ 39,983 15,666 ----------------- ---------------- Net increase (decrease) in cash.................................. 400 (21) Cash balance beginning of period................................. 6,286 5,130 ----------------- ---------------- Cash balance end of period....................................... $ 6,686 $ 5,109 ================= ================ Supplemental disclosures of cash flow information: Cash paid during the period for: Interest (net of amount capitalized)....................... $ 2,343 $ 1,338 Income taxes............................................... 95 108 ----------------- ---------------- Total......................................................... $ 2,438 $ 1,446 ================= ================
-3- 6 STONE ENERGY CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Interim Financial Statements The condensed consolidated financial statements of Stone Energy Corporation (the "Company") at September 30, 1996 and for the three and nine-month periods then ended are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management's discussion and analysis of financial condition and results of operations, contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1995. The results of operations for the three and nine-month periods ended September 30, 1996 are not necessarily indicative of future financial results. Note 2 - Hedging Activities In order to reduce its exposure to the possibility of declining oil and gas prices, the Company hedges with third parties certain of its crude oil and natural gas production in various swap agreement contracts. The crude oil contracts are tied to the price of NYMEX light sweet crude oil futures and are settled monthly based on the differences between contract prices and the average NYMEX prices for that month applied to the contract volumes. Settlement for gas swap contracts is based on the average of the last three (3) days of trade on the NYMEX for each month of the swap. The Company's forward positions as of November 4, 1996, are summarized as follows: Oil Gas --------------------------- ---------------------------- Average Average Price Price Mbbls (per Bbl) MMBtu (per MBtu) ---------- -------------- ------------ ------------ 1996........ 180 $21.60 1,380 $2.167 1997........ 165 $20.76 2,415 $2.328 --- ----- Total 345 $21.20 3,795 $2.269 === ===== For the three and nine-month periods ended September 30, 1996, net oil and gas hedging losses amounted to $713,673 and $2,494,701, respectively, and were recorded in the accompanying condensed consolidated statement of operations as a reduction of revenues from oil and gas production. -4- 7 STONE ENERGY CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 3 - Long-Term Loans On September 26, 1996 the Company amended its credit facility with NationsBank of Texas, N.A., as agent for a group of banks. The total amount of the facility is $125,000,000 and is comprised of a three-year revolving credit loan and a one-year term loan. Current availability of the facility is $105,000,000, and at September 30, 1996 the weighted average interest rate of the facility was 7.9% per annum, the total outstanding principal balance was $84,600,000 and letters of credit totaling $6,627,000 had been issued pursuant to the facility. The revolver provides for total availability of $80,000,000 with a borrowing base limitation on total outstanding borrowings which currently is $60,000,000. The term loan of $45,000,000 was established to finance the closing of three recent acquisitions and certain development costs incurred during the third quarter of 1996. If the term loan is outstanding on January 1, 1997, the banks have the right to redetermine the borrowing base of the facility. Although a redetermination could result in an acceleration of the payments due under the term loan, management believes the reserves will be sufficient to support the current availability under the facility. The Company intends to retire the term loan in November 1996 with the proceeds from the common stock offering described in Note 4. Note 4 - Subsequent Events The Company acquired a 62.5% working interest in Vermilion Block 46 Field for $15,400,000 on September 27, 1996. In a separate transaction with a different company, in 1993 the Company purchased an approximate 37.5% working interest in this field for $3,700,000. Pursuant to prior contractual obligations, the Company assigned a portion of the acquired interest to two partnerships it manages, and retained a 76% working interest with an approximate 65% net revenue interest in the field. On September 27, 1996, the Company acquired a 50% working interest with a 41% net revenue interest in the Vermilion Block 131 Field for $5,100,000. In addition to the purchase price, a letter of credit in the amount of $1,800,000 was established to secure the Company's obligation to abandon the property. The Company is the operator of the property. On October 17, 1996, the Company filed a registration statement with the Securities and Exchange Commission for an offering by the Company and certain selling stockholders of 3.2 million shares of common stock (an additional 480,000 shares may be offered to cover over allotments). Proceeds from the offering will be used to repay the term loan described in Note 3, to fund future development projects and acquisitions, and to provide working capital for general corporate purposes. -5- 8 AUDITORS' REVIEW REPORT TO THE STOCKHOLDERS OF STONE ENERGY CORPORATION: We have reviewed the accompanying condensed consolidated balance sheet of Stone Energy Corporation (a Delaware corporation) as of September 30, 1996 and the related condensed consolidated statements of operations for the three and nine-month periods ended September 30, 1996 and 1995 and the related condensed consolidated statements of cash flows for the nine-month periods ended September 30, 1996 and 1995. These financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to the financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the balance sheet of Stone Energy Corporation as of December 31, 1995 (not presented herein) and in our report dated March 6, 1996, we expressed an unqualified opinion on that statement. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1995, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived. ARTHUR ANDERSEN LLP New Orleans, Louisiana October 24, 1996 -6- 9 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The Company was formed in March 1993 to become a holding company for The Stone Petroleum Corporation and its subsidiaries and certain interests in three of its managed partnerships. In July 1993, the Company sold for its account a total of 3,655,005 shares of newly issued Common Stock pursuant to its Initial Public Offering. The Company currently has a total of 11,794,249 shares of common stock and no shares of preferred stock outstanding. Results of Operations The following table sets forth certain operating information with respect to the oil and gas operations of the Company for the three and nine-month periods ended September 30, 1996 and 1995.
Three Months Ended Nine Months Ended September 30, September 30, ------------------------ ------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ------------ Production: Oil (MBbls)............................... 361 395 1,023 1,036 Gas (MMcf)................................ 2,479 2,301 8,608 6,202 Oil and gas (MBOE)........................ 774 779 2,458 2,070 Sales data (in thousands): Total oil sales........................... $7,232 $6,840 $20,323 $18,333 Total gas sales........................... 5,625 3,462 20,925 9,691 Average sales prices: Oil (per Bbl)............................. $20.03 $17.32 $ 19.87 $ 17.70 Gas (per Mcf)............................. 2.27 1.50 2.43 1.56 Per BOE................................... 16.61 13.22 16.78 13.54 Average costs (per BOE): Normal lease operating expenses (a)........................... $ 2.77 $ 1.85 $ 2.49 $ 1.96 General and administrative................ 1.03 1.02 1.00 1.25 Depreciation, depletion and amortization....................... 6.58 5.62 6.23 5.63
(a) Excludes major maintenance expenses -7- 10 Net income for the quarter ended September 30, 1996 was $2.0 million or $0.17 per share, an increase of 27% over the net income reported for the third quarter of 1995 of $1.6 million or $0.14 per share. For the first nine months of 1996, net income was $8.1 million, which represents an increase of 103% over the comparable period of 1995, and exceeds the twelve month net income for all of 1995. Total oil and gas revenues for the first nine months of 1996 were $41.2 million, an increase of 47% over the same period in 1995. Gas production volumes increased 39%, while oil volumes declined 1%. Oil and gas prices for the nine months ended September 30, 1996, averaged $19.87 per barrel and $2.43 per thousand cubic feet, representing increases of 12% and 56%, respectively, over the prices received for the comparable 1995 period. Operating expenses per BOE for the first nine months of 1996 were $2.49. Although this amount is higher than the comparable 1995 figure, it is well within the Company's budgeted range for these costs. For the first nine months of 1996, general and administrative expenses decreased slightly in total and declined 20% per BOE to $1.00 from $1.25 for the comparable 1995 period. Depreciation, depletion and amortization expense for oil and gas properties increased to $15.3 million in the first nine months of 1996 from $11.7 million for the same period in 1995 due to increased production rates and higher finding costs per unit. Interest expense for the first nine months of 1996 increased to $2.5 million from $1.5 million for the comparable 1995 period because of a higher average outstanding balance under the Company's bank credit facility. Liquidity and Capital Resources Working Capital and Cash Flow. Working capital at September 30, 1996 was $10.0 million. On October 17, 1996, the Company filed a registration statement with the Securities and Exchange Commission for an offering of 3,200,000 shares of common stock, consisting of 2,741,159 shares to be offered by the Company and 458,841 shares to be sold by certain stockholders. An additional 480,000 shares may be offered to cover over allotments. Proceeds from the offering will be used to repay the term loan described below, to fund future development projects and acquisitions, and to provide working capital for general corporate purposes. The Company believes that this capital plus the expected cash flow from operations and borrowings under its bank credit facility will be sufficient to fund its operations and development activities for the foreseeable future. Net cash flow from operations before working capital changes for 1996's third quarter was $8.4 million or $0.70 per share, an improvement of 22% from the comparable amounts reported for the quarter ended September 30, 1995 of $6.9 million or $0.58 per share. For the first nine months of 1996, net cash flow from operations before working capital changes was $28.6 million, an increase of 57% from the comparable period of 1995. During the third quarter of 1996, the Company invested $38.8 million in the acquisition and development of oil and gas properties, of which $21.5 million related to the three acquisitions announced during the quarter. Total investments in oil and gas properties for the first nine months -8- 11 of 1996 were $62.9 million, an increase of 79% from the comparable period of 1995. The investments for the nine months ended September 30, 1996 include capitalized general and administrative costs of $1.7 million. Long-Term Financing. During the fourth quarter of 1996, the Company expects to invest $26 million in oil and gas properties it now owns. Significant investments are planned for South Pelto Block 23 Field and Eugene Island Block 243. The planned development operations include projects that seek to increase cash flow from proved reserves and provide additions to the Company's reserve base. It is anticipated that these investments will also be funded from a combination of available working capital, cash flow from operations and borrowings under the bank credit facility. On September 26, 1996 the Company amended its credit facility with NationsBank of Texas, N.A., as agent for a group of banks that currently includes the First National Bank of Commerce, Hibernia National Bank and the First National Bank of Boston. The total facility size was increased to $125 million, of which $105 million is currently available. At November 4, 1996, the outstanding principal balance was $80.6 million, which had a weighted average annual interest rate of 7.6%, and letters of credit totaling $6.6 million had been issued pursuant to the facility. The facility is comprised of a three-year revolving credit loan and a one-year term loan. The revolver provides for total availability of $80 million, of which $60 million is currently available. The term loan of $45 million was established to finance the closing of three acquisitions and certain development costs which the Company incurred during the third quarter of 1996. If the term loan is outstanding on January 1, 1997, the banks have the right to redetermine the borrowing base of the facility. Although a redetermination could result in an acceleration of the payments due under the term loan, management believes the reserves will be sufficient to support the current availability under the facility. The Company intends to retire the term loan in November 1996 with the proceeds of the common stock offering described below. The Company has a number of outstanding bids for property acquisitions and is in the process of evaluating a number of other opportunities to acquire reserves, although no future acquisitions can be assured. One or a combination of certain of these possible transactions could fully utilize the sources of capital currently available to the Company. If these opportunities materialize, the Company intends to explore a variety of options to finance these new projects, including an increase in its bank facility, raising additional equity capital, nonrecourse financing, sales of non-strategic properties and joint venture financing. Forward-Looking Statements. The foregoing discussion of Liquidity and Capital Resources includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, environmental risks, drilling and operating -9- 12 risks, risks related to exploration and development, uncertainties about the estimates of reserves, competition, government regulations and the ability of the Company to meet its stated business goals. PART II Item 5. Other Information The following is a summary of certain of the Company's recent activities. On September 27, 1996, the Company announced that it had acquired a 50% working interest with a 41% net revenue interest in the Vermilion Block 131 Field from a major oil company for $5.1 million. In addition to the purchase price, a letter of credit in the amount of $1.8 million was established to secure the Company's obligation to abandon the property. The Company acquired the operating rights for the property, and the remaining 50% interest is owned by a major oil company. The effective date of the purchase is August 1, 1996, and the acquisition includes interests in six producing wells and six shut-in wells. Vermilion Block 131 is located approximately 30 miles offshore Louisiana in water depth of 60 feet. At the date of acquisition, daily production from the field was approximately 9.6 million cubic feet of gas. In an announcement dated October 1, 1996, the Company reported that it acquired a 62.5% working interest in Vermilion Block 46 Field for $15.4 million on September 27, 1996 from a major oil company. The effective date of the purchase is August 1, 1996, and the acquisition includes interests in two producing wells and two shut-in wells. In a separate transaction with a different company in 1993, the Company had purchased an approximate 28% working interest in this field for $2.8 million. Pursuant to prior contractual obligations, the Company assigned a portion of the acquired interest to two partnerships it manages, and retained a 76% working interest with an approximate 65% net revenue interest in the field. Vermilion Block 46 Field is located approximately 10 miles offshore Louisiana in water depth of 30 feet. On October 16, 1996, the Company announced its estimated proved oil and gas reserves as of August 31, 1996, prepared in accordance with SEC guidelines. The estimated proved reserves attributable to acquisitions closed in August and September 1996, which were verified by an independent engineering firm, are included in these amounts and comprise 27% of the total reserve -10- 13 quantities as of August 31, 1996. The following table sets forth certain comparative summary information from the new estimates and the estimates issued as of December 31, 1995. August 31, December 31, Percentage 1996 1995 Increase ---------- ------------ ---------- Present value of estimated future pre-tax net cash flows @ 10% annual discount ($MM) $263.5 $179.7 47% Proved oil reserves (MMBbls) 10.5 8.0 31% Proved gas reserves (Bcf) 128.9 81.2 59% Total proved reserves in equivalent barrels (MMBOE) 32.0 21.5 49% Average oil price ($/Bbl) $21.95 $19.40 13% Average gas price ($/Mcf) $2.43 $2.39 2% On November 7, 1996, the Company announced that its recently completed Goodrich-Cocke No. 3 Well tested at the daily rates of 845 barrels of oil and 0.5 million cubic feet of gas. The directionally drilled well reached a total measured depth of 9,786 feet and logged 142 net feet of oil productive interval. The well is located in the Company's West Weeks Island Field onshore in Iberia Parish, Louisiana, and the Company owns a 100% working interest before payout in the well. First production from the Goodrich-Cocke No. 3 Well is expected by late November 1996. Item 6. Exhibits And Reports On Form 8-K (a) Exhibit 27 Financial Data Schedule (b) The Company filed a Current Report on Form 8-K dated October 16, 1996 that disclosed the results of a report of the Company's estimated proved oil and gas reserves dated as of August 31, 1996, prepared in the accordance with SEC guidelines. -11- 14 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. STONE ENERGY CORPORATION Date: November 12, 1996 By: /s/ Michael L. Finch --------------------- Michael L. Finch Executive Vice President and Chief Financial Officer (Authorized Officer and Principal Financial Officer) -12- 15 EXHIBIT INDEX 27 -- Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from the condensed consolidated balance sheet of Stone Energy Corporation (the "Company") as of September 30, 1996 and the related condensed consolidated statement of operations for the nine months ended September 30, 1996, and is qualified in its entirety by reference to such financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1996. 1,000 9-MOS DEC-31-1996 JAN-01-1996 SEP-30-1996 6,686 20,124 10,621 0 0 37,667 0 0 201,037 27,647 0 118 0 0 74,980 201,037 41,248 42,747 0 24,286 2,734 0 2,496 13,231 5,093 8,138 0 0 0 8,138 0.68 0.68
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