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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 6893b ATLANTIC RICHFIELD COMPANY 27 October 1997 ARCO REPORTS 3RD QUARTER EARNINGS; PRODUCTION GROWTH CONTINUES Los Angeles, October 27 - ARCO (NYSE: ARC) today reported 1997 third quarter net income of US$516 million, or $1.57 per share, compared to 1996 third quarter net income of $479 million, or $1.47 per share. Excluding special items, the 1997 third quarter income was $431 million, or $1.31 per share. OIL AND NATURAL GAS GROWTH 'ON TRACK'; WEST COAST GASOLINE MARKET STRENGTHENS ARCO Chairman and Chief Executive Officer Mike R. Bowlin said the 1997 third quarter results showed continued growth in ARCO's oil and natural gas volumes. ''We are on track with our 1997 and five-year growth goals. We achieved 2% volume growth in the third quarter versus last year,'' Bowlin said. ''Oil equivalent production for the three quarters of 1997 was up 3% compared to last year, and we are looking forward to an even better year-over-year production comparison in the fourth quarter. ''Our refining and marketing business had exceptionally good results in the third quarter. We returned to the strong performance levels we were realizing in last year's second and third quarters. Increased demand for gasoline during the peak summer driving season and lean inventories contributed to stronger gasoline margins,'' Bowlin added. FUTURE GROWTH ENHANCED ''The outlook for growth in ARCO's international oil and gas business was furthered during the third quarter as we announced proved and probable gross reserves of more than 13 trillion cubic feet of natural gas (approximately 2 billion barrels of oil equivalent) in Irian Jaya in eastern Indonesia. This is sufficient natural gas for a major liquefied natural gas project. ARCO will have an estimated 30-35% share of the reserves. Providing impetus to this project, Indonesian President Suharto named the field Tangguh, signifying strength and resiliency,'' Bowlin said. ''In addition, we completed the purchase of a 50% interest in the producing Ashtart oil field and related exploration properties offshore Tunisia. The Ashtart field is a candidate for ARCO's industry-leading enhanced oil recovery technology,'' Bowlin said. In neighboring Algeria, ARCO and its partners announced a successful exploration well in the Hassi Bir Rekaiz block, one of two blocks ARCO is exploring in Algeria. A second well will be drilled on the structure in 1998. EXPLORATION AND PRODUCTI0N GROWTH In the 1997 third quarter, ARCO's worldwide exploration and production operations earned $288 million after tax, down from $302 million after tax in the same quarter of 1996. The decline was caused by lower crude oil prices. International natural gas production grew 19% reflecting increased sales from ARCO's Yacheng natural gas field offshore China. International oil volumes included new production from interests in the Ashtart, Tengiz and Al Rayyan fields along with increased contributions from the Rhourde El Baguel field. A new North Sea oil field, Bladon, came on stream in early September. REFINING AND MARKETING MARGINS REBOUND Reflecting increased West Coast gasoline prices, ARCO's refining and marketing business had after-tax earnings of $134 million in the 1997 third quarter. This was in line with near-record quarterly earnings of $138 million in the same period of 1996 and a dramatic improvement from the 1997 second quarter. The integration of the newly leased Thrifty stations in California contributed to a 1O% improvement in gasoline sales volumes during the 1997 third quarter, compared to last year's third quarter. CHEMICALS ARCO's 82.4% interest in ARCO Chemical Company generated an after-tax loss of $23 million including a $95 million after-tax charge for costs related to a restructuring program. Excluding the special items charges, ARCO's interest in ARCO Chemical totaled $72 million in the 1997 third quarter, down from $87 million in the 1996 third quarter but up from $38 million in 1997's second quarter. Stronger volumes and higher margins in ARCO Chemical's urethanes business along with lower turnaround costs contributed to the improvement from the second to third quarters of 1997. In addition, MTBE margins in Europe and the U.S. rose due to higher gasoline prices and strong demand during the summer driving season. ARCO earned $43 million from the 49.9% equity interest in Lyondell Petrochemical Company that it held until September 15. Following the settlement of ARCO's 9% Exchangeable Notes with Lyondell stock, ARCO no longer holds an interest in Lyondell. 1997 THIRD QUARTER SPECIAL ITEMS The 1997 third quarter net income included a special benefit of approximately $85 million after tax. Benefits included a previously announced after-tax gain of approximately $290 million from the settlement of 9% Notes with Lyondell Petrochemical Company stock, in addition to tax-related adjustments. The benefits were partially offset by after-tax charges for the restructuring actions at ARCO Chemical Company of $95 million, net of minority interest, and charges of approximately $140 million after tax for future environmental remediation and reclamation related to both current operations and to natural resource damage liabilities in the state of Montana associated with previously discontinued mining operations. 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 1996 report on Form 1O-K, filed on February 26, 1997. For a menu of ARCO news releases and prior quarterly/annual financial information, visit ARCO at http://www.arco.com on the Internet. ATLANTIC RICHFIELD COMPANY CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Millions except per share amounts) Three Months Ended Nine Months Ended September 30 September 30 1997 1996 1997 1996 REVENUES Sales and other operating revenues $4,553 $4,748 $14,184 $13,463 Other revenues 149 130 511 470 Total revenues 4,702 4,878 14,695 13,933 EXPENSES Trade purchases 1,914 2,009 6,136 5,549 Operating expenses 1,221 999 3,318 2,891 Selling, general and administrative expenses 279 232 801 728 Depreciation, depletion and amortization 433 399 1,277 1,202 Exploration expenses (including undeveloped leasehold amortiziation) 113 101 329 308 Taxes other than income taxes 177 187 585 598 Interest (a) 133 160 307 500 Unusual items (b) 175 --- 175 26 Total expenses 4,445 4,087 12,928 11,802 Income before gain on subsidiary stock transaction 257 791 1,767 2,131 Gain on sale of Lyondell Petrochemical Company stock 633 --- 633 --- Income before income taxes, minority interest & extraordinary item 890 791 2,400 2,131 Provision for taxes on income 370 287 849 768 Minority interest in earnings of subsidiaries 4 25 44 80 Net income before extraordinary item 516 479 1,507 1,283 Extraordinary Item - loss on extinguishment of debt (net of Income taxes of $74 million) --- --- (118) --- Net income $516 $479 $1,389 $1,283 Earned per share (d): Income before extraordinary Item $1.57 $1.47 $4.59 $3.93 Extraordinary loss --- --- (0.36) --- Net income $1.57 $1.47 $4.23 $3.93 Weighted average equivalent shares outstanding (d) 328.1(c) 326.6(c) 328.1(c) 326.6(c) Dividends per common share (d) $0.7125 $0.6875 $2.1125 $2.0625 (a) Excludes capitalized interest of $13 million and $9 million for the three-month periods and $31 million an $21 million for the nine-month periods ended September 30, 1997 and 1996, respectively. (b) ARCO Chemical restructuring charges in 1997. (c) The common shares, including equivalents, outstanding at September 30, 1997 and 1996 were 328,255,599 shares and 326,530,424 shares, respectively. (d) Prior year share and per share date is restated for the effect of the second quarter 1997 100% stock dividend. AFTER-TAX SEGMENT EARNINGS (Unaudited) (Millions) Three Months Ended Nine Months Ended September 30, September 30, 1997 1996 1997 1996 Exploration and production$288 $302 $1,061 $904 Refining and marketing 134 138 244 295 Chemicals (23) 87 65 259 Coal 6 22 53 49 Equity in earnings from Lyondell 43 18 119 37 Unallocated expenses and other (131) 20 (106) 77 Interest (92) (108) (220) (338) Gain on sale of LPC stock 291 --- 291 --- Extraordinary item - loss on extinguishment of debt --- --- (118) --- Net income $516 $479 $1,389 $1,283 NOTE TO EDITORS: ARCO Chemical Company (NYSE: RCM) reported earnings on October 20; Vastar Resources, Inc. (NYSE: VRI) announced earnings on October 15; Lyondell Petrochemical Company (NYSE: LYO) reported earnings today. Contact: Media: Albert Greenstein, tel 001 213-486-3384; Investors: Dennis Schiffel, tel 001 213-486-1511 both of ARCO, Web site: http://www.arco.com END QRTBRBBGSBDCCRR
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