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PetroQuest Energy Announces Record 2004 Year-End and Fourth Quarter ResultsLAFAYETTE, La., Feb. 17 /PRNewswire-FirstCall/ -- PetroQuest Energy,
Inc. (Nasdaq: PQUE - News) announced today net income for the quarter
ended December 31, 2004 of $4,999,000 or $0.11 per share, compared
to fourth quarter 2003 net income of $2,116,000 or $0.05 per share.
Net cash flow provided by operating activities before working capital
changes for the fourth quarter of 2004 was $16,696,000, as compared
to $10,079,000 for the comparable 2003 period. For the year ended
December 31, 2004, the Company reported net income of $16,348,000
or $0.35 per share compared to net income of $3,640,000 or $0.08 per
share for the year ended December 31, 2003. Net income for the year
ended December 31, 2003 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." For the year ended December
31, 2004, net cash flow provided by operating activities before working
capital changes was $62,859,000, compared to $32,915,000 for the comparable
2003 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. Three Months Ended Twelve Months Ended
December 31, December 31,
2004 2003 2004 2003
Production:
Oil (Bbls) 174,968 160,326 818,405 744,575
Gas (Mcf) 2,501,806 1,708,833 9,305,075 5,192,760
Total Production
(Mcfe) 3,551,614 2,670,789 14,215,505 9,660,210
Sales:
Total oil sales $6,571,982 $4,395,057 $28,896,550 $21,196,246
Total gas sales $15,938,968 $8,501,110 $55,698,797 $26,713,611
Average sales prices:
(Including hedges)
Oil (per Bbl) $37.56 $27.41 $35.31 $28.47
Gas (per Mcf) $6.37 $4.97 $5.99 $5.14
Per Mcfe $6.34 $4.83 $5.95 $4.96
The following updates guidance for the first quarter of 2005:
Guidance for
Description 1st Quarter 2005
Production volumes (MMcfe/d) 40 - 44
Percent gas 65%
Expenses:
Lease operating expenses (per Mcfe) $1.05 - $1.15
Production taxes (per Mcfe) $0.11 - $0.12
Depreciation, depletion and amortization (per Mcfe) $2.30 - $2.40
General and administrative (in millions) $1.45 - $1.65
Interest expense (in millions) $0.9 - $1.1
Effective tax rate (all deferred) 35%
About the CompanyPetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest trades on the Nasdaq National Market under the ticker symbol "PQUE". Forward-Looking Statements 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
(unaudited)
(Amounts In Thousands, Except Per Share Data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2004 2003 2004 2003
Revenues:
Oil and gas sales $22,511 $12,896 $84,595 $47,910
Interest and other income 86 670 273 778
22,597 13,566 84,868 48,688
Expenses:
Lease operating expenses 3,568 1,948 13,161 9,449
Production taxes 385 261 1,549 884
Depreciation, depletion and
amortization 8,661 6,549 35,435 27,098
General and administrative 1,496 925 6,212 4,444
Accretion of asset retirement
obligation 222 237 833 682
Interest expense 849 296 2,817 579
Derivative expense --- (92) 2 1,071
15,181 10,124 60,009 44,207
Income from operations 7,416 3,442 24,859 4,481
Income tax expense 2,417 1,326 8,511 1,690
Income before cumulative effect of
change in accounting principle $4,999 $2,116 $16,348 $2,791
Cumulative effect of change in
accounting principle --- --- --- 849
Net income $4,999 $2,116 $16,348 $3,640
Earnings per common share:
Basic
Income before cumulative effect
of change in accounting
principle $0.11 $0.05 $0.37 $0.06
Cumulative effect of change in
accounting principle --- --- --- 0.02
Net income $0.11 $0.05 $0.37 $0.08
Diluted
Income before cumulative effect
of change in accounting
principle $0.11 $0.05 $0.35 $0.06
Cumulative effect of change in
accounting principle --- --- --- 0.02
Net income $0.11 $0.05 $0.35 $0.08
Weighted average number of common
shares:
Basic 44,685 44,536 44,616 43,661
Diluted 47,023 44,969 46,438 44,181
PETROQUEST ENERGY, INC.
Non-GAAP Disclosure Reconciliation
(Amounts In Thousands)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2004 2003 2004 2003
Net cash flow provided by operating
activities $20,838 $16,295 $70,310 $34,190
Changes in working capital accounts (4,142) (6,216) (7,451) (1,275)
Net cash flow provided by operating
activities before working
capital changes $16,696 $10,079 $62,859 $32,915
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.
Source: PetroQuest Energy, Inc.
For further information, contact: W. Todd Zehnder, Vice President -- Corporate Communications
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