Vintage Petroleum, Inc. Reports Third Quarter Results; Cash Flow
Exceeds Consensus Estimates TULSA, Okla., Nov. 5
/PRNewswire-FirstCall/ -- Vintage Petroleum, Inc. today announced
net income of $11.8 million, or $0.18 per diluted share, for the
third quarter of 2003 compared to income from continuing operations
of $14.7 million, or $0.23 per diluted share, in the same quarter
last year. Net income in the third quarter of 2002 was $31.7
million, or $0.50 per diluted share, including income from
discontinued operations in Trinidad and Ecuador. Cash flow from
continuing operations (before all exploration costs, changes in
working capital and current taxes on property sales) was $66.4
million for the third quarter of 2003, exceeding the "First Call
Consensus" expectation for the quarter of $65.3 million (based on
66.0 million diluted shares). This compares to $61.3 million in the
year-ago quarter and reflects the increase in oil and gas prices
from the year-ago levels partially offset by lower production and
higher costs. See the attached table for Vintage's calculation of
cash flow from continuing operations, a non-GAAP financial measure.
Cash provided by operating activities for the third quarter of 2003
was $78.0 million compared to $66.5 million in the year- earlier
quarter. Oil and gas production for the third quarter of 2003 of
6.9 million equivalent barrels (BOE) was flat with the second
quarter of 2003 but short of the company's internal target of 7.2
million BOE. Oil production during the third quarter of 2003
totaled 4.5 million barrels and natural gas production was 14.1
Bcf. The decline from the year-earlier quarter's 7.7 million BOE of
production from continuing operations was attributable to the
anticipated declines resulting from U.S. and Canadian property
divestitures in 2003, natural production declines and the effects
of substantially curtailed capital expenditures in 2002 which
resulted in significantly lower production levels at the start of
2003. The average price received for gas (including the impact of
hedges) was dramatically higher than the average price received in
the year-ago quarter, rising 56 percent to $3.13 per Mcf in the
current quarter compared to $2.01 per Mcf in the third quarter of
last year. The average realized price for oil (including the impact
of hedges) was slightly higher at $24.94 per barrel compared to
$24.61 per barrel in the year-earlier quarter. Oil and gas sales
rose four percent to $156.9 million from $151.5 million in last
year's quarter as the effect of higher natural gas prices more than
offset the decline in production. Total revenues for the quarter
were $183.4 million, compared to $166.9 million in the year-ago
quarter. Lease operating expenses (LOE) increased 11 percent to
$55.9 million from the year-earlier $50.2 million. Argentine peso
inflation and the strengthening of the Argentine peso relative to
the U.S. dollar resulted in an increase in LOE in Argentina
expressed in U.S. dollars, accounting for two- thirds of the
overall increase in LOE. Increases in Argentine crude oil export
taxes and severance taxes also resulted in LOE increases in the
quarter. LOE per BOE for the quarter increased to $8.14 per BOE
($7.06 per BOE excluding Argentine export taxes) compared to $6.54
per BOE ($5.70 per BOE excluding Argentine export taxes) in last
year's third quarter as a result of the higher costs and lower
production. Total general and administrative costs of $16.0 million
increased from $11.8 million in the year-earlier quarter primarily
due to expenses related to restricted stock awards (a non-cash
item), asset taxes in Argentina and cash bonuses included in this
year's quarter with no comparable amounts in the year-earlier
period. Interest expense decreased 11 percent, or $2.2 million, to
$17.8 million as a result of the company's lower outstanding debt
level. Exploration expense of $9.1 million during the third quarter
of 2003 included $5.1 million in seismic, geological and
geophysical costs and $4.0 million in lease impairments and dry
hole costs. This compares to a total of $5.6 million during the
third quarter of 2002 which included $1.4 million in seismic,
geological and geophysical costs and $4.2 million in lease
impairments and dry hole costs. Nine Month Results For the nine
months ended September 30, 2003, income before certain major items
was $60.3 million, or $0.92 per diluted share, compared to the
year- earlier period's income of $26.4 million, or $0.41 per
diluted share (see the attached table for reconciliation of this
non-GAAP measure to net income (loss)). Net income for the nine
months ended September 30, 2003, of $43.7 million, or $0.67 per
diluted share, compares to a net loss of $12.0 million, or $0.19
per share, in the first nine months of 2002. Cash flow from
continuing operations (before all exploration costs, changes in
working capital and current taxes on property sales and loss on
early extinguishment of debt) was $215.1 million for the nine
months ended September 30, 2003, up 32 percent compared to $162.6
million in the year-ago period, reflecting the increase in oil and
gas prices from the year-ago levels. See the attached table for
Vintage's calculation of cash flow from continuing operations, a
non-GAAP financial measure. Cash provided by operating activities
for the nine months ended September 30, 2003, was $172.2 million
compared to $155.8 million in the year-earlier period. Liquidity
and Capitalization At September 30, 2003, net debt (long-term debt
less cash) to book capitalization was 48.8 percent, down from 60.5
percent at year-end 2002. In addition to the $142 million of cash
on hand, the company had nearly $300 million of availability under
its bank revolving credit facility which provides the company with
substantial liquidity. On October 2, 2003, approximately $103
million of this liquidity was used to call the 8 5/8% senior
subordinated notes due in 2009. 2003 Target Update The company is
maintaining its annual target for cash flow from continuing
operations (before all exploration expenses, current taxes on any
property sales and working capital changes) in 2003 of $265 million
and adjusting its target for EBITDAX to $380 million. The company
has adjusted its targeted 2003 production to 27.3 million BOE
versus the previous target of 28.3 million BOE due primarily to a
combination of the results and timing of various U.S. exploration
projects, a slower than expected build-up in Argentine exploitation
volumes and production shut-ins as a result of the recent fires in
California. These revised targets and others are enumerated in the
accompanying table, "Vintage Petroleum, Inc., Revised 2003 Targets"
and are based on assumed average NYMEX prices for 2003 of $30.40
per barrel of oil and $5.45 per MMBtu of gas versus its previously
assumed NYMEX prices of $29.00 per barrel of oil and $5.25 per
MMBtu of gas. The 2003 targets do not reflect the impact of the
costs to be incurred to repair damage to the company's properties
resulting from recent fires in California. Damage assessment is
underway and preliminary estimates range from $5 to $12 million
expected to be incurred through the first quarter of 2004. Vintage
to Webcast Conference Call The company's third quarter 2003
conference call to review third quarter results will be broadcast
live on a listen-only basis over the internet on Thursday, November
6 at 3 p.m. Central time. Interested parties may access the webcast
by visiting the Vintage Petroleum, Inc. website at
http://www.vintagepetroleum.com/ and selecting the microphone icon,
or at http://www.fulldisclosure.com/ and typing VPI in the ticker
search box and selecting "Go". To listen to the internet broadcast,
participants will need a multimedia computer with speakers and the
Windows media player installed. Download from
http://www.microsoft.com/windows/windowsmedia/download/default.asp
and test the software prior to the call. Vintage Petroleum, Inc. is
unable to provide technical support for downloading the software.
The webcast and the accompanying slide presentation will be
available for replay at the company's website. The teleconference
may be accessed by dialing (800) 362-0574 five to ten minutes prior
to the scheduled start time and providing the call identifier,
"Vintage" to the operator. The webcast and the accompanying slide
presentation will be available for replay at the company's website.
An audio replay will be available until November 14, 2003, by
dialing (402) 220-0685. Forward-Looking Statements This release
includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts that address
estimates of assumed NYMEX prices, realized prices as a percent of
NYMEX, production, capital expenditures, cash flows, EBITDAX and
events or developments that the company expects are forward-looking
statements. Although Vintage believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include oil and gas prices, exploitation
and exploration successes, actions taken or to be taken by foreign
governments as a result of economic conditions or other factors,
changes in foreign exchange and inflation rates, as well as
continued availability of capital and financing, and general
economic, market or business conditions and risk factors listed
from time-to-time in the company's reports and other documents
filed with the Securities and Exchange Commission. Vintage
Petroleum is an independent energy company engaged in the
acquisition, exploitation, exploration and development of oil and
gas properties and the marketing of natural gas and crude oil.
Company headquarters are in Tulsa, Oklahoma, and its common shares
are traded on the New York Stock Exchange under the symbol VPI. For
additional information visit the company website at
http://www.vintagepetroleum.com/ . VINTAGE PETROLEUM, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share amounts) (Unaudited) Three Months Ended Nine
Months Ended September 30, September 30, 2003 2002 2003 2002
REVENUES: Oil and gas sales $156,864 $151,471 $502,043 $422,644 Gas
marketing 21,830 15,482 81,491 45,215 Oil and gas gathering and
processing 2,896 1,671 6,406 4,524 Gain (loss) on disposition of
assets 170 (450) (175) 17,259 Foreign currency exchange gain (loss)
1,108 (693) (6,043) 3,408 Other income (expense) 488 (601) 2,443
592 Total revenues 183,356 166,880 586,165 493,642 COSTS AND
EXPENSES: Lease operating, including production and export taxes
55,937 50,248 164,467 151,005 Exploration costs 9,069 5,638 55,596
21,594 Gas marketing 21,184 15,192 79,607 43,937 Oil and gas
gathering and processing 3,010 1,795 7,400 5,077 General and
administrative 15,980 11,792 46,254 36,852 Depreciation, depletion
and amortization 34,908 43,208 106,985 138,525 Impairment of oil
and gas properties 1,443 --- 14,014 --- Accretion 1,851 --- 5,430
--- Interest 17,837 20,048 54,394 58,226 Loss on early
extinguishment of debt --- --- 1,426 8,154 Total costs and expenses
161,219 147,921 535,573 463,370 Income from continuing operations
before income taxes and cumulative effect of changes in accounting
principles 22,137 18,959 50,592 30,272 PROVISION (BENEFIT) FOR
INCOME TAXES: Current 6,865 7,210 37,697 19,004 Deferred 3,517
(2,987) (12,891) (17,996) Total provision for income taxes 10,382
4,223 24,806 1,008 Income from continuing operations before
cumulative effect of changes in accounting principles 11,755 14,736
25,786 29,264 INCOME FROM DISCONTINUED OPERATIONS, net of income
taxes --- 16,959 10,844 19,241 Income before cumulative effect of
changes in accounting principles 11,755 31,695 36,630 48,505
CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES, net of
income tax benefit of zero, zero, $4,104 and zero, respectively ---
--- 7,119 (60,547) NET INCOME (LOSS) $11,755 $31,695 $43,749
$(12,042) VINTAGE PETROLEUM, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
(Unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2003 2002 2003 2002 BASIC INCOME (LOSS) PER SHARE:
Income from continuing operations before cumulative effect of
changes in accounting principles $0.18 $0.23 $0.40 $0.46 Income
from discontinued operations --- 0.27 0.17 0.31 Income before
cumulative effect of changes in accounting principles 0.18 0.50
0.57 0.77 Cumulative effect of changes in accounting principles ---
--- 0.11 (0.96) Net income (loss) $0.18 $0.50 $0.68 $(0.19) DILUTED
INCOME (LOSS) PER SHARE: Income from continuing operations before
cumulative effect of changes in accounting principles $0.18 $0.23
$0.40 $0.46 Income from discontinued operations --- 0.27 0.16 0.30
Income before cumulative effect of changes in accounting principles
0.18 0.50 0.56 0.76 Cumulative effect of changes in accounting
principles --- --- 0.11 (0.95) Net income (loss) $0.18 $0.50 $0.67
$(0.19) Weighted average common shares outstanding: Basic 64,228
63,335 63,875 63,181 Diluted 65,978 63,977 65,344 63,661 VINTAGE
PETROLEUM, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In
thousands, except shares and per share amounts) ASSETS September
30, December 31, 2003 2002 (Unaudited) CURRENT ASSETS: Cash and
cash equivalents $142,303 $9,259 Accounts receivable - Oil and gas
sales 92,422 90,267 Joint operations 7,714 9,542 Prepaids and other
current assets 18,052 21,021 Assets of discontinued operations ---
86,174 Total current assets 260,491 216,263 PROPERTY, PLANT AND
EQUIPMENT, at cost: Oil and gas properties, successful efforts
method 2,652,615 2,487,549 Oil and gas gathering systems and plants
22,767 20,588 Other 28,637 26,501 2,704,019 2,534,638 Less
accumulated depreciation, depletion and amortization 1,140,460
1,047,665 Total property, plant and equipment, net 1,563,559
1,486,973 GOODWILL 24,658 21,099 OTHER ASSETS, net 46,544 51,469
TOTAL ASSETS $1,895,252 $1,775,804 VINTAGE PETROLEUM, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except
shares and per share amounts) LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, December 31, 2003 2002 (Unaudited) CURRENT
LIABILITIES: Revenue payable $26,691 $30,869 Accounts payable -
trade 41,200 42,038 Current income taxes payable 23,328 18,722
Short-term debt 2,915 4,732 Derivative financial instruments
payable 4,112 17,122 Other payables and accrued liabilities 76,411
54,281 Liabilities of discontinued operations --- 10,769 Total
current liabilities 174,657 178,533 LONG-TERM DEBT 799,454 883,180
DEFERRED INCOME TAXES 148,441 137,015 LONG-TERM LIABILITY FOR ASSET
RETIREMENT OBLIGATIONS 79,375 --- OTHER LONG-TERM LIABILITIES 2,812
6,084 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par, 5,000,000
shares authorized zero shares issued and outstanding --- --- Common
stock, $.005 par, 160,000,000 shares authorized, 64,675,875 and
63,432,972 shares issued and 64,246,143 and 63,348,272 shares
outstanding, respectively 323 317 Capital in excess of par value
336,365 326,510 Retained earnings 310,391 274,971 Accumulated other
comprehensive income (loss) 53,124 (28,573) 700,203 573,225 Less:
Treasury stock, at cost, 429,732 and 84,700 shares, respectively
3,013 --- Unamortized cost of restricted stock awards 6,677 2,233
Total stockholders' equity 690,513 570,992 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,895,252 $1,775,804 VINTAGE PETROLEUM, INC.
AND SUBSIDIARIES SUMMARY OPERATING DATA (Unaudited) Three Months
Ended Nine Months Ended September 30, September 30, 2003 2002 2003
2002 Production: Oil (MBbls) - U.S. 1,584 1,618 4,753 5,193 Canada
274 449 945 1,429 Argentina (A) 2,641 2,607 7,705 8,442 Bolivia (B)
22 23 62 94 Continuing operations 4,521 4,697 13,465 15,158 Ecuador
--- 251 114 797 Total 4,521 4,948 13,579 15,955 Gas (MMcf) - U.S.
5,458 6,260 17,435 18,740 Canada 4,583 7,404 14,945 22,810
Argentina 2,612 2,715 7,203 6,682 Bolivia 1,438 1,505 4,491 4,850
Total 14,091 17,884 44,074 53,082 MBOE from continuing operations
6,870 7,678 20,811 24,005 Total MBOE 6,870 7,929 20,925 24,802 (A)
Production for Argentina for the three months ended September 30,
2003 and 2002, and for the nine months ended September 30, 2003 and
2002, before the impact of changes in inventories was 2,571 MBbls,
2,602 MBbls, 7,626 MBbls and 8,220 MBbls, respectively. (B)
Production for Bolivia for the three months ended September 30,
2003 and 2002, and for the nine months ended September 30, 2003 and
2002, before the impact of changes in inventories was 19 MBbls, 23
MBbls, 60 MBbls and 73 MBbls, respectively. VINTAGE PETROLEUM, INC.
AND SUBSIDIARIES SUMMARY OPERATING DATA (Unaudited) Three Months
Ended Nine Months Ended September 30, September 30, 2003 2002 2003
2002 Average sales price (including impact of hedges): Oil (per
Bbl) - U.S. $25.14 $23.97 $25.38 $21.27 Canada 27.26 24.01 28.18
21.23 Argentina 24.60 25.13 26.19 20.03 (A) Bolivia 22.33 22.11
22.70 20.37 Continuing operations 24.94 24.61 26.03 20.57 (A)
Ecuador --- 22.60 26.87 19.61 Total 24.94 24.51 26.03 20.53 (A) Gas
(per Mcf) - U.S. $3.89 $2.69 $4.26 $2.65 Canada 4.11 2.11 4.35 2.25
Argentina 0.48 0.35 0.45 0.37 Bolivia 1.95 1.62 2.01 1.48 Total
3.13 2.01 3.44 2.09 Average sales price (excluding impact of
hedges): Oil (per Bbl) - U.S. $27.85 $25.30 $28.32 $21.86 Canada
26.61 23.46 28.02 21.06 Argentina 24.60 25.13 26.19 20.13 (A)
Bolivia 22.33 22.11 22.70 20.37 Continuing operations 25.85 24.20
27.06 20.81 (A) Ecuador --- 22.60 26.87 19.61 Total 25.85 24.90
27.05 20.76 (A) Gas (per Mcf) - U.S. $4.45 $2.80 $4.99 $2.75 Canada
4.26 1.96 4.83 2.24 Argentina 0.48 0.35 0.45 0.37 Bolivia 1.95 1.62
2.01 1.48 Total 3.40 1.98 3.89 2.12 (A) Reflects the impact of the
one-time government-mandated forced settlement of domestic
Argentina oil sales which decreased the Argentina, total continuing
operations and total average oil prices per Bbl for the nine months
ended September 30, 2002, per Bbl by $0.95, $0.53 and $0.50,
respectively. VINTAGE PETROLEUM, INC. NON-GAAP FINANCIAL MEASURES
Cash flow from continuing operations represents cash provided by
continuing operating activities before all exploration costs,
changes in working capital items related to operating activities,
current taxes on property sales and loss on early extinguishment of
debt. Cash flow from continuing operations is presented because
management believes it is a useful adjunct to cash provided by
operating activities under accounting principles generally accepted
in the United States ("GAAP"). Cash flow from continuing operations
is widely accepted as a financial indicator of an oil and gas
company's ability to generate cash which is used to internally fund
exploration and development activities and to service debt. Cash
flow from continuing operations is not a measure of financial
performance under GAAP and should not be considered as an
alternative to cash flows from operating, investing, or financing
activities as an indicator of cash flows, or as a measure of
liquidity. The following table reconciles cash provided by
operating activities to cash flow from continuing operations (in
thousands): Three Months Ended Nine Months Ended September 30,
September 30, 2003 2002 2003 2002 Cash provided by operating
activities $78,041 $66,515 $172,156 $155,760 Cash used (provided)
by discontinued operations 9,441 (6,489) 30,370 (8,310) Cash
provided by continuing operations 87,482 60,026 202,526 147,450
Changes in working capital items related to operating activities
(22,765) 1,467 6,205 11,614 Current tax provision (benefit)
associated with net tax gain on property sales 1,725 (174) 6,933
6,714 Current tax benefit for loss on early extinguishment of debt
--- --- (555) (3,172) Cash flow from continuing operations $66,442
$61,319 $215,109 $162,606 Earnings before certain major items (and
the related amounts per diluted share), a non-GAAP financial
measure, excludes major items that management believes affect the
comparison of results for the periods presented. Management also
believes results excluding these items are more comparable to
estimates provided by securities analysts and therefore are useful
in evaluating operational trends of the company and its performance
relative to other oil and gas companies. The following tables
reconcile net income (loss) to earnings before certain major items
and the related amounts per diluted share (in thousands except per
share amounts): Three Months Ended Nine Months Ended September 30,
September 30, 2003 2002 2003 2002 Net income (loss) $11,755 $31,695
$43,749 $(12,042) Major items impacting net income (after tax)
Non-cash charges for impairments 1,910 971 27,504 6,069 Foreign
currency exchange (gain) loss (1,108) 693 6,043 (3,408) (Gain) loss
on disposition of assets (99) 275 120 (10,545) Loss on early
extinguishment of debt --- --- 871 4,982 Income from discontinued
operations --- (16,959) (10,844) (19,241) Cumulative effect of
changes in accounting principles --- --- (7,119) 60,547 Earnings
before certain major items $12,458 $16,675 $60,324 $26,362 VINTAGE
PETROLEUM, INC. NON-GAAP FINANCIAL MEASURES Three Months Ended Nine
Months Ended September 30, September 30, 2003 2002 2003 2002 Net
income (loss) per diluted share Major items impacting net income
(after tax) $0.18 $0.50 $0.67 $(0.19) Non-cash charges for
impairments 0.03 0.02 0.42 0.09 Foreign currency exchange (gain)
loss (0.02) 0.01 0.09 (0.05) (Gain) loss on disposition of assets
--- --- --- (0.17) Loss on early extinguishment of debt --- ---
0.01 0.08 Income from discontinued operations --- (0.27) (0.16)
(0.30) Cumulative effect of changes in accounting principles ---
--- (0.11) 0.95 Earnings per diluted share before certain major
items $0.19 $0.26 $0.92 $0.41 EBITDAX is presented herein, and
reconciled to the GAAP measures of net income and cash provided by
operating activities because of its wide acceptance by the
investment community as a financial indicator of a company's
ability to internally fund exploration and development activities
and to service or incur debt. Management also views the non-GAAP
measure of EBITDAX as a useful tool for comparison of the company's
financial indicator with those of peer companies. EBITDAX should
not be considered as an alternative to net income or cash provided
by operating activities, as defined by GAAP. Three Months Ended
Nine Months Ended September 30, September 30, 2003 2002 2003 2002
Net income (loss) $11,755 $31,695 $43,749 $(12,042) Cumulative
effect of changes in accounting principles --- --- (7,119) 60,547
Income from discontinued operations, net of tax --- (16,959)
(10,844) (19,241) Provision for income taxes 10,382 4,223 24,806
1,008 Loss on early extinguishment of debt --- --- 1,426 8,154
Interest expense 17,837 20,048 54,394 58,226 Accretion 1,851 ---
5,430 --- Depreciation, depletion and amortization 34,908 43,208
106,985 138,525 Impairments of oil and gas properties 1,443 ---
14,014 --- Exploration costs 9,069 5,638 55,596 21,594 Foreign
currency exchange (gain) loss (1,108) 693 6,043 (3,408) (Gain) loss
on disposition of assets (170) 450 175 (17,259) Other non-cash
items 3,452 (245) 6,167 190 EBITDAX 89,419 88,751 300,822 236,294
Interest expense (17,837) (20,048) (54,394) (58,226) Current income
tax expense (6,865) (7,210) (37,697) (19,004) Cash provided (used)
by discontinued operations (9,441) 6,489 (30,370) 8,310 Changes in
working capital 22,765 (1,467) (6,205) (11,614) Cash provided by
operating activities $78,041 $66,515 $172,156 $155,760 VINTAGE
PETROLEUM, INC. REVISED 2003 TARGETS Previous Revised 2003 2003 Oil
production (MMBbls): Targets Targets (C) U.S. 6.5 6.1 Canada 1.2
1.2 Argentina 10.6 10.4 Bolivia .1 .1 Total 18.4 17.8 Gas
production (Bcf): U.S. 24.6 22.6 Canada 20.0 19.3 Argentina 8.7 9.5
Bolivia 6.0 6.0 Total 59.3 57.4 Total MMBOE 28.3 27.3 Assumed NYMEX
(A) prices: Oil $29.00 $30.40 Gas $5.25 $5.45 Net realized price
(before impact of hedging) as a percent of NYMEX (A) - Total
Company: Oil 86% 87% Gas 69% 68% DD&A per BOE (oil and gas
only) $5.00 $5.00 LOE per BOE (including Argentine export tax
impact) (E) $7.60 $7.90 G&A per BOE $2.05 $2.20 Non-Acquisition
Capital Spending Budget (in millions) $185 $185 Cash Flow (before
all exploration expenses, working capital changes and current taxes
associated with property sales) (in millions)(D)(E) $265 $265
EBITDAX (in millions)(B)(D)(E) $385 $380 MMBbls - million barrels
Bcf - billion cubic feet MMBOE - million barrels of oil equivalent
(A) NYMEX - Oil - Average of the daily settlement price per barrel
for the near-month contract for light crude oil as quoted on the
New York Mercantile Exchange. Gas - Average of the settlement price
per MMBtu for the last 3 trading days for the applicable contract
month for natural gas as quoted on the New York Mercantile
Exchange. (B) EBITDAX: Earnings before interest, taxes, DD&A,
impairments, exploration expenses, cumulative effect of change in
accounting principle, loss on early extinguishment of debt, and
gains/losses on property sales. (C) Targets do not reflect any
future acquisitions or dispositions of assets. Targets reflect the
impact of existing hedges. See "2003 Target Update" and
"Forward-Looking Statements" elsewhere in the release. (D) The
targets for non-GAAP financial measures are not reconciled to the
most directly comparable GAAP financial measures as the company
does not establish targets for such GAAP financial measures. (E)
Before costs to repair damage resulting from recent fires in
California. VINTAGE PETROLEUM, INC. HEDGING STATUS OIL PRICE SWAPS
NYMEX Reference Price Quarter Ending Barrels Per Bbl December 31,
2003 1,426,000 $26.78 March 31, 2004 1,365,000 29.77 June 30, 2004
188,000 28.66 September 30, 2004 260,500 27.63 December 31, 2004
297,500 26.84 March 31, 2005 323,700 26.23 June 30, 2005 342,800
25.76 September 30, 2005 355,700 25.52 December 31, 2005 361,900
25.45 GAS PRICE SWAPS NYMEX Reference Price Quarter Ending MMBtu
Per MMBtu December 31, 2003 2,760,000 $4.04 NYMEX Reference Price
Quarter Ending MMBtu Per MMBtu (Canadian dollars) December 31, 2003
2,300,000 6.64 DATASOURCE: Vintage Petroleum, Inc. CONTACT: Robert
E. Phaneuf, Vice President - Corporate Development of Vintage
Petroleum, Inc., +1-918-592-0101 Web site:
http://www.fulldisclosure.com/
http://www.microsoft.com/windows/windowsmedia/download/default.asp
Web site: http://www.vintagepetroleum.com/
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