|
|
PetroQuest Energy, Inc. Announces Third-Quarter 2001 Results, Record Quarterly ProductionLAFAYETTE, La.--(BUSINESS WIRE)--Nov. 8, 2001--PetroQuest Energy, Inc. (Nasdaq: PQUE - news) announced today net income for the quarter ended September 30, 2001, of $2,508,000, or $0.07 per share, compared to third-quarter 2000 net income of $3,019,000, or $0.10 per share. Net cash flow from operations before working capital changes for the third quarter of 2001 increased to $12,015,000, or $0.34 per share, as compared to $4,661,000, or $0.15 per share, for the comparable 2000 period. For the first nine months of 2001, net income was $10,503,000, or $0.31 per share, and net cash flow from operations before working capital changes totaled $33,633,000, or $1.00 per share. Net income and net cash flow from operations before working capital changes for the first nine months of 2000 were $4,685,000, or $0.17 per share, and $8,673,000, or $0.31 per share, respectively. On a thousand cubic feet equivalent (Mcfe) basis, third-quarter 2001 production volumes equaled 4,243,000 Mcfe or 46,122 Mcfe per day, a 227% increase over third-quarter 2000 production volumes. For the first nine months of 2001, production volumes increased from 3,368,000 Mcfe in 2000 to 9,476,000 Mcfe or 181%. This is the result of the Company's successful exploration program, which added 15 wells to production since the third quarter of 2000. Oil and gas sales during the third quarter of 2001 increased 159% to $15,611,000 as compared to the third quarter of 2000. For the first nine months of 2001, sales increased 229% to $42,546,000 from $12,937,000 in the first nine months of 2000. This increase in sales is the result of the significant production increases discussed above. Stated on a Mcfe basis, unit prices received during the third quarter were 21% lower and unit prices received during the first nine months of 2001 were 17% higher, respectively, than the prices received during the comparable 2000 periods. ``PetroQuest continued to experience strong growth and operating results in the third quarter,'' said Charles Goodson, PetroQuest Chairman and Chief Executive Officer. ``While product prices have declined from the third quarter of last year, our quarterly production is at an all-time high. Our drilling program remains active. The CL&F No. 16 at our Turtle Bayou Field is drilling and we expect drilling, logging and evaluation operations to be completed in the next three or four weeks. We are currently drilling our Chenin Blanc Prospect at the Ship Shoal 72 Field. We will follow this with a well at our Burgundy Prospect this year. We are also currently drilling a development location at the Razorback Prospect in the Valentine Field.'' The following table sets forth certain information with respect to
the oil and gas operations of the Company for the three- and nine-month
periods ended September 30, 2001, and 2000.
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Production:
Oil (Bbls) 235,531 42,274 600,073 110,615
Gas (Mcf) 2,830,053 1,044,625 5,875,142 2,704,730
Total Production
(Mcfe) 4,243,239 1,298,269 9,475,580 3,368,420
Sales:
Total oil sales $6,113,127 $1,474,966 $16,073,126 $3,301,896
Total gas sales 9,497,928 4,559,883 26,472,954 9,635,138
Average sales prices:
Oil (per Bbl) $ 25.95 $ 34.89 $ 26.79 $ 29.85
Gas (per Mcf) 3.36 4.37 4.51 3.56
Per Mcfe 3.68 4.65 4.49 3.84
The above sales include income related to gas collars of $558,000 and $413,000 for the quarter and nine months ended September 30, 2001, respectively. Oil collars had no effect on sales in 2001. The Company was not hedged in 2000. The following updates guidance for the fourth quarter of 2001 and issues guidance for the full year 2002:
Guidance for Guidance for
Description 4th Quarter 2001 2002
---------------- -------------
Production volumes (MMcfe/d) 45.5 - 46.5 46.0 - 50.0
Percent gas 70% 75%
Costs:
Lease operating costs (per Mcfe) $.55 - $.60 $.55 - $.60
Production taxes (per Mcfe) $.07 - $.10 $.07 - $.10
Depreciation, depletion and amortization
(per Mcfe) $1.65 - $1.75 $1.65 - $1.75
General and administrative
(in millions) (a) $1.8 - $2.0 $6.0 - $6.5
Interest expense (in millions) $.300 - $.330 $2.250 - $2.750
Effective tax rate (all deferred) 37% 37%
(a) The estimate of general and administrative costs for the
fourth quarter includes a one-time non-cash charge of approximately
$400,000 related to extending the term of certain stock option
agreements.
The Company has hedges in place during the fourth quarter of 2001. 6,000/MBtu per day of gas has been sold under combined costless collars with a floor price of $4.00/MMBtu and weighted average ceiling of $8.93/MMBtu. In addition, 750 barrels per day of oil production has been sold under another costless collar with a floor of $26.00 per barrel and ceiling of $30.90 per barrel. PetroQuest Energy, Inc. is an independent oil and gas exploration and production company primarily focused on growing its reserves and shareholder value through a combination of drilling development locations and high-potential exploration prospects along the coast of and in the Gulf of Mexico. 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 and in projecting future rates of production, the timing of development expenditures 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 Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenues:
Oil and gas sales $ 15,611 $ 6,035 $42,546 $12,937
Interest and other income (143) 97 363 205
----- ----- ----- -----
15,468 6,132 42,909 13,142
----- ----- ----- -----
Expenses:
Lease operating expenses 1,984 540 5,140 1,837
Production taxes 317 275 822 626
Depreciation, depletion and
amortization 7,223 1,642 15,413 3,988
General and administrative 1,264 652 3,179 1,993
Interest expense 699 4 1,682 13
----- ----- ----- -----
Income from operations 3,981 3,019 16,673 4,685
Income tax expense 1,473 - 6,170 -
----- ----- ----- -----
Net income $ 2,508 $ 3,019 $ 10,503 $ 4,685
======== ======== ======== ========
Earnings per common share:
Basic $ 0.08 $ 0.10 $ 0.33 $ 0.18
======= ======= ======= =======
Diluted $ 0.07 $ 0.10 $ 0.31 $ 0.17
======= ======= ======= =======
Weighted average number of common shares:
Basic 32,471 29,334 31,579 25,835
======= ======= ======= =======
Diluted 34,875 30,799 33,602 27,906
======= ======= ======= =======
Contact: PetroQuest Energy, Inc.
Robert R. Brooksher
Vice President - Corporate Communications
337/232-7028
|
