Triton Energy reports 2nd quarter earningsCompany News // August 11, 2000
Results for both periods are reported after accumulated dividends on Triton's 8% and 5% convertible preference shares, reflecting a change in how the Company accounts for preference-share dividends. The Company now is including preference-share dividendsin the calculation of earnings applicable to ordinary shares on a quarterly basis rather than semi-annually.
Second-quarter 2000 revenues were $79.5 million, a 33% increase over revenues of $59.6 million for the second quarter of 1999.
The substantial improvement in Triton's results was primarily due to the increase in oil prices compared with the year-ago period. Triton's realised oil price per barrel averaged $26.32, 75% above the average realised oil price per barrel of $15.08 in the second quarter of 1999.
"We are pleased with our improved financial performance, the result of the dramatic improvement in oil prices," said James C Musselman, Triton President and Chief Executive Officer. "Our cost-containment efforts continue to be an important focus, even aswe make significant investment in developing our Equatorial Guinea project. We are on track to produce oil by year-end, whichwould be less than 15 months from our discovery to cash flow. This would create significant value for our investors and further strengthen Triton's financial condition."
For the first six months of 2000, Triton reported earnings of $40.6 million, or $1.13 per basic share and $0.94 per diluted share, compared with a loss of $1.2 million, or $0.03 per share on both a basic and diluted basis for the first half of 1999. Revenues climbed 42% to $154.0 million for the first six months of 2000 from $108.8 million for the same period a year ago.
At the end of the first quarter, Triton's delivery requirement under the forward oil sale was completed. Consequently, approximately 750,000 barrels of additional oil production were available for sale in the second quarter.