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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 0010e ATLANTIC RICHFIELD COMPANY 29th July 1997 ARCO REPORTS 2ND QUARTER EARNINGS, HIGHER PRODUCTION Los Angeles, July 28 - ARCO (NYSE: ARC) today reported 1997 second quarter net income of US$390 million, or $1.19 per share, compared with 1996 second quarter earnings of $434 million, or $1.33 per share. The previously announced extraordinary after-tax charge of $118 million for early retirement of debt was offset by the reversal of reserves for taxes and related interest which primarily resulted from the partial resolution of certain federal and state income tax audits. Overall E&P Production Volumes Grow, Natural Gas Up 13%, Gasoline Sales Up 5% ARCO Chairman and Chief Executive Mike R. Bowlin said the 1997 second quarter reflected growth in both upstream production and refined products sales volumes. Oil and gas production rose by 5% led by a 13% increase in natural gas production, while gasoline sales were up 5% and jet fuel sales volumes grew 9%. Bowlin added, "Second quarter earnings were reduced by lower West Coast refining margins and lower earnings from ARCO Chemical due to manufacturing plant turnarounds and higher raw materials costs." Growth Agenda Advanced "In addition to year-to-year production gains, ARCO advanced its production growth initiative in the second quarter," Bowlin said. "We won bids for four oil blocks in Venezuela, which we see as one of the best areas in the world to help meet our goals for growth in production, reserves and income. The four blocks are expected to produce more than 800 million gross barrels of oil in the next two decades. We also received the Venezuelan Congress' approval to proceed with the Hamaca oil production and upgrading project." In Alaska, ARCO and its partners approved a new project, Miscible Injectant Expansion (MIX), that is expected to increase ultimate gross Prudhoe Bay crude liquids recovery by about 50 million barrels and add incremental production of 20,000 barrels of liquids per day by late 1999. ARCO has an approximate 25% interest in Prudhoe Bay liquids production. In the refining and marketing segment, the recently-leased Thrifty Oil Co. outlets were integrated into ARCO's retail network during the second quarter. ARCO also announced it is expanding its retail marketing into British Columbia with the expected acquisition of 52 Super-Save gas sites in the greater Vancouver area. These actions were in line with ARCO's stated goal of growth in its marketing and retail businesses. E&P Earnings, Volumes Grow In the 1997 second quarter, ARCO's worldwide exploration and production operations earned $321 million after tax, compared with $309 million in the same quarter of 1996 despite lower crude and liquids prices. Domestic and international natural gas prices increased. ARCO's international production grew by 30% compared with 1996, as a result of strong sales from ARCO's Yacheng natural gas field offshore China, higher gas production in the United Kingdom North Sea and new oil production in Algeria. Refining And Marketing Volumes Grow ARCO's refining and marketing segment had after-tax earnings of $66 million in the 1997 second quarter, down from 1996's second quarter after-tax earnings of $129 million. While earnings were lower than the year earlier period, ARCO's refining and marketing results improved from the 1997 first quarter and the 1996 fourth quarter. The lower earnings were attributable to weak refining margins as the West Coast experienced high operating rates by refiners and high inventories. Jet fuel prices suffered due to significant imports to the West Coast as well as high refinery production rates. In 1996, second quarter product prices benefited from product scarcity due to problems at a number of West Coast refineries. Sales volumes for refined products showed healthy increases compared to the 1996 second quarter. ARCO's Los Angeles and Cherry Point refineries each achieved record crude runs during the quarter. In addition to the integration of more than 200 former Thrifty gas stations into its retail network, ARCO added 20 new sites during the quarter. Chemicals After-tax earnings from ARCO's 82.5% interest in ARCO Chemical Company were $38 million, compared with $75 million in the 1996 second quarter. Increased volumes and margins in ARCO Chemical's core propylene oxide business were more than offset by higher costs due to plant turnarounds, the expiration of a number of fixed fee MTBE contracts and the impact of higher raw materials prices on other products. During the second quarter, ARCO Chemical launched a cost reduction program targeting savings of $150 million per year, starting in 1998. ARCO earned $46 million from its 49.9% equity interest in Lyondell Petrochemical Company in the 1997 second quarter, compared with $7 million the same quarter of 1996. Other Items ARCO's 2-for-1 stock split and a 4% increase in the quarterly dividend became effective June 13 to stockholders of record on May 16, 1997. Earnings per share have been adjusted for 1996 and 1997 to reflect the stock split. Atlantic Richfield Company Consolidated Statement Of Income (Unaudited) (Millions except per share amounts) Three Months Ended Six Months Ended June 30 June 30 1997 1996 1997 1996 REVENUES Sales and other operating revenues $4,587 $4,559 $9,631 $8,715 Other revenues 223 114 362 340 Total revenues 4,810 4,673 9,993 9,055 EXPENSES Trade purchases 1,990 1,866 4,222 3,540 Operating expenses 1,087 971 2,097 1,901 Selling, general and administrative expenses 271 249 522 487 Depreciation, depletion and amortization 417 399 844 803 Exploration expenses (including undeveloped leasehold amortization) 90 107 216 207 Taxes other than income taxes 177 194 408 411 Interest (a) 8 167 174 340 Unusual items -- -- -- 26 Total expenses 4,040 3,953 8,483 7,715 Income before income taxes, minority interest & extraordinary item 770 720 1,510 1,340 Provision for taxes on income 243 261 479 481 Minority interest in earnings of subsidiaries 19 25 40 55 Net Income before extraordinary item 508 434 991 804 Extraordinary item - loss on extinguishment of debt (net of income taxes of $74 million) (118) -- (118) -- Net income $390 $434 $873 $804 Earned per share (c): Income before extraordinary item $1.55 $1.33 $3.02 $2.46 Extraordinary loss (0.36) -- (0.36) -- Net income $1.19 $1.33 $2.66 $2.46 Weighted average equivalent shares outstanding (c) 328.1(b) 326.7(b) 328.0 326.6 Dividends per common share (c)$0.7125 $0.6875 $1.4000 $1.3750 (a) Excludes capitalized interest of $15 million and $7 million for the three-month periods and $18 million and $12 million for the six-month periods ended ended June 30, 1997 and 1996, respectively. (b) The common shares including equivalents outstanding at June 30, 1997 and 1996 were 328,020,233 shares and 326,685,488 shares. (c)Prior year share and per share data is restated for the effect of the second quarter l997 100% stock dividend. AFTER-TAX SEGMENT EARNINGS (Unaudited) (Millions) Three Months Ended Six Months Ended June 30 June 30 1997 1996 1997 1996 Exploration and production $321 $309 $773 $602 Refining and marketing 66 129 110 157 Chemicals 38 75 88 172 Coal 24 22 47 27 Equity in earnings from Lyondell 46 7 76 19 Unallocated expenses and other 29 5 25 57 Interest (16) (113) (128) (230) Extraordinary item - loss on extinguishment of debt (118) -- (118) -- Net Income $390 $434 $873 $804 Note to Editors: ARCO Chemical Company (NYSE: RCM) reported earnings on July 21; Vastar Resources, Inc. (NYSE: VRI) announced earnings on July 23; Lyondell Petrochemical Company (NYSE: LYO) reported earnings today. For a menu of ARCO news releases and prior quarterly/annual financial information, visit ARCO at http://www.arco.com/ UNS Contact: Media: Albert Greenstein, 213-486-3384; Investors: Steve Enger, tel Los Angeles 001 213 486-1811. END
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