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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 4316e ATLANTIC RICHFIELD CO 23rd April 1998 ARCO REPORTS 1998 FIRST QUARTER EARNINGS, MAINTAINS PRODUCTION AND MARKETING GROWTH EXPECTATIONS LOS ANGELES - ARCO (NYSE: ARC) today reported preliminary 1998 first quarter net income of $220 million, or $0.67 per diluted share. Excluding special items and earnings from discontinued coal operations, first quarter income totaled $202 million, or $0.62 per share. ARCO announced March 23 that it had reached agreement to sell its domestic coal assets. The sale is expected to close in the 1998 second quarter. In the 1997 first quarter, ARCO's earnings totaled $483 million, or $1.48 per diluted share, or $460 million and $1.41 per share excluding the discontinued coal operations. PRODUCTION IN LINE WITH 5-YEAR GROWTH PLAN Mike R. Bowlin, ARCO Chairman and Chief Executive Officer, said "Falling oil prices which reduced our earnings are the story of the first quarter." Bowlin added, "Our oil and natural gas production was essentially flat with the first quarter of last year. Volumes of oil and gas production in the Lower 48 and liquids production internationally were up but were offset by lower volumes in Alaska due to maintenance and natural field decline and by lower natural gas takes in Asia. We still expect ARCO's worldwide production for 1998 to increase about 2% versus 1997 and grow by 4-5% annually through 2001. "Downstream, gasoline sales volumes increased over 1 1% reflecting the addition of retail outlets in California and Vancouver, British Columbia." FUTURE GROWTH INITIATIVES STRENGTHENED Bowlin said the 1998 first quarter was productive in terms of progress toward ARCO's three key upstream initiatives: to stabilize production in Alaska, modestly grow our Lower 48 production and substantially increase international production. "In Alaska, progress continued on the key production goal of 'No Decline After '99. Development of the new 365-million-barrel Alpine field is underway. We horizontally drilled the first of three pipelines beneath the Colville River. These pipelines will carry liquids to and from the field. We also announced two satellite discoveries near Prudhoe Bay, adding to the successful results of our ongoing multi-year satellite exploration program." The company's publicly-traded subsidiary, Vastar Resources, Inc. (NYSE: VRI), announced discoveries on the Gulf of Mexico shelf and at the King prospect in the deepwater Gulf of Mexico and further strengthened its position with new exploration acreage in the deepwater. Continuing expansion of its interests in Latin America, ARCO obtained new exploration acreage offshore Trinidad. In Venezuela, ARCO and its partners submitted a plan for redevelopment of the LL-652 acreage in Lake Maracaffio, a 20-year project which will tap an estimated 500 million gross barrels of recoverable reserves. ARCO has a 20% interest in LL-652. Also in Venezuela, redevelopment of the Kaki block has been approved and a plan of development for the adjacent Maulpa block has been submitted to the government. ARCO has a 56% interest in Kaki and Maulpa. In the United Kingdom, work continues toward the 2000 start up of the Central North Sea Shearwater gas condensate field, in which ARCO has a 27.5% interest. The company also announced another gas discovery in the Central North Sea. OIL AND GAS EARNINGS REFLECT LOWER PRICES ARCO's worldwide exploration and production operations earned $182 million after-tax in the 1998 first quarter, compared with $452 million in the 1997 first quarter. ARCO's average domestic petroleum liquids price in the first quarter was $11.10 per barrel, compared with $18.38 per barrel in the 1997 first quarter. On an oil equivalent basis, ARCO produced 966 million barrels per day in the 1998 first quarter, essentially unchanged from the 1997 first quarter level of 967 million barrels. Exploration costs for the quarter were $149 million before tax compared to $126 million in the first quarter of 1997. REFINING AND MARKETING ARCO's refining and marketing operations earned $19 million after-tax in the 1998 first quarter, down from $46 million in 1997's first quarter. Margins were down as realized prices for gasoline, jet fuel and diesel all fell significantly due to higher West Coast inventories. Contributing to the excess inventories were high levels of jet fuel imports from Asia, where the financial crisis reduced demand, and the weather-related impact from El Nino. In the 1998 first quarter, ARCO's Los Angeles Refinery had $20 million in turnaround expenses. The successful integration of the Thrifty-leased retail sites in California and the newly acquired sites in British Columbia contributed to the 11 % increase in retail gasoline volumes. Increased station throughputs from ARCO's existing network plus the new sites have strengthened ARCO's competitive position in the Western United States and Canada. CHEMICALS After-tax earnings from ARCO's 82.3% interest in ARCO Chemical Company totaled $84 million for the quarter, compared with $50 million in the 1997 first quarter. Core product sales volumes, which include propylene oxide (PO), PO derivatives and toluene diisocyanate (TDI), rose 7% compared to first quarter of 1997 primarily due to healthy demand. Costs declined during the quarter as a result of lower raw materials costs and the company's cost reduction program. OTHER OPERATIONS Other operations contributed after-tax earnings of $24 million in the 1998 first quarter, compared with $43 million in the 1997 first quarter. The 1997 first quarter included $30 million in after-tax earnings from ARCO's equity interest in Lyondell Petrochemical Company. ARCO disposed of its interest in Lyondell in the third quarter of 1997. DISCONTINUED OPERATIONS AND SPECIAL ITEMS The 1998 and 1997 first quarter results included after-tax income from the discontinued coal operations of $10 million and $23 million, respectively. First quarter 1998 special item benefits (charges) included the following: R&M UNALLOCATED TOTAL Tax-related adjustments $- $ 13 $13 Environmental remediation (1) (5) (6) Other 1 - 1 Total $1 $8 $8 ARCO had no special items in the 1997 first quarter. (NOTE to Editors: ARCO Chemical Company (NYSE: RCM) reported earnings on April 21; Vastar Resources, Inc. (NYSE: VRI) announced earnings on April 16.) (Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including the realized level of crude oil and natural gas production and other risks detailed from time to time in the company's SEC reports including the 1997 report on Form 10-K) For added information, contact: (Media) Albert Greenstein, 213-486-3384; (Investors) Dennis Schiffel, 213-486-1511; or e-mail to: arconews@arco.com ATLANTIC RICHFIELD COMPANY CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Millions except per share amounts) Three Months Ended March 31 1998 1997 REVENUES Sales and other operating revenues $ 3,431 $4,850 Other revenues 119 130 Total revenues 3,550 4,980 EXPENSES Trade purchases 1,306 2,234 Operating expenses 804 859 Selling, general and administrative expernses 270 270 Depreciation, depletion and amortization 404 404 Exploration expenses (including undeveloped leasehold amortization) 149 126 Taxes other than income taxes 175 216 Interest (a) 115 166 Total expenses 3,223 4,275 Income from continuing operations before Income taxes and minority Interest 327 705 Provision for taxes on Income 90 224 Minority Interest In earnings of subsidiaries 27 21 Income from continuing operations 210 460 Income from discontinued operations, net of Income taxes of $3 (1998) and $11 (1997) 10 23 Net income $ 220 $ 483 Earned per share (b): Continuing operations - Basic $ 0.65 $ 1.43 Continuing operations - Diluted $ 0.64 $ 1.41 Net income - Basic $ 0.69 $ 1.50 Net income - Diluted $ 0.67 $ l.48 Weighted average equivalent shares outstanding (b) Basic 320.6 322.2 Diluted 327.2 327.0 Dividends per common share $ 0.7125 $ 0.6875 (a) Excludes capitalized Interest of $18 million and $3 million for the three- month periods ended March 31, 1998 and 1997 respectively. (b) Prior year share and per share data is restated for the effect of the second quarter 1997 100% stock dividend. AFTER-TAX SEGMENT EARNINGS (Unaudited) (Millions) Three Months Ended March 31 1998 1997 Exploration and production $ 182 $ 452 Refining and marketing 19 46 Chemicals 84 50 Other 24 43 Unallocated expenses (17) (19) Interest expense (82) (112) Income from continuing operations 210 460 Discontinued operations 10 23 Net Income $ 220 $ 483 ===== ===== END QRFKLGZDVFMLRMM
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