EXHIBIT 99.1
| | | | |
For Immediate Release | | For Further Information Contact: |
Monday, February 28, 2005 | | Robert E. Phaneuf |
| | | Vice President - Corporate Development |
| | | (918) 592-0101 |
VINTAGE PETROLEUM REPORTS FOURTH QUARTER RESULTS,
13 PERCENT INCREASE IN PRODUCTION;
2005 TARGETS REAFFIRMED OR INCREASED
Tulsa, Oklahoma – Vintage Petroleum, Inc. (NYSE:VPI) today announced net income of $249.0 million, or $3.74 per diluted share, in the fourth quarter of 2004 compared to a net loss of $284.7 million, or $4.39 per diluted share, in the same quarter last year. Income from continuing operations for the fourth quarter of 2004 rose to $45.0 million, or $0.68 per diluted share, from $8.8 million, or $0.14 per diluted share, in the year-earlier quarter, spurred by a strong 13 percent increase in production from continuing operations and significantly higher oil and gas prices.
Included in net income for the fourth quarter of 2004 is income from discontinued operations of $204.1 million, or $3.06 per diluted share, primarily as a result of a $198.5 million after-tax gain related to the sale of all of the company’s assets in Canada. The net loss for the fourth quarter of 2003 included a loss from discontinued operations of $293.5 million, or $4.53 per diluted share, due to large non-cash charges for the impairments of the company’s Canadian oil and gas properties and goodwill.
Cash flow excluding discontinued operations, a non-GAAP measure, was $93.4 million for the fourth quarter of 2004, up 65 percent from cash flow of $56.7 million in the fourth quarter of 2003. See the attached table for reconciliations of these non-GAAP financial measures to the corresponding GAAP amounts of cash provided by operating activities of $96.1 million for the fourth quarter of 2004 and $61.7 million for the same period in 2003.
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Discontinued Operations
After the disappointing operating results experienced in Canada during 2003, the company curtailed its 2004 Canadian capital spending. As a result of an improved commodity price outlook in 2004 and robust acquisition activity levels fueled by the Canadian income trusts, the company decided to sell all of its interests in Canada. On November 30, 2004, the company closed the sale and recorded a $198.5 million after-tax gain. In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, the company was required to reclassify the assets, liabilities and results of its operations in Canada as discontinued operations for all periods presented. These reclassifications had no impact on previously reported net income (loss). Certain financial and operating data related to these discontinued operations are provided in the tables attached to this release.
Production Up 13 Percent
Total production from continuing operations (which excludes Canada) for the quarter of 6.6 million BOE was 13 percent above the comparable 5.8 million BOE in the fourth quarter of 2003. This increase was driven by a 31 percent increase in gas production while oil production was up five percent compared to the prior-year quarter.
Total net gas production from continuing operations continued to show strong increases fueled by exploitation successes in the U.S., where net gas production increased 58 percent from last year’s fourth quarter (and 10 percent from the immediately preceding quarter) to average 97,375 Mcf per day in 2004’s fourth quarter. Bolivia continued to benefit from Argentina’s increased demand for natural gas with the company’s net gas production in Bolivia rising to an average of 22,641 Mcf per day in the current quarter compared to an average of 19,141 Mcf per day in the fourth quarter of 2003.
Argentina oil production, before the impact of changes in inventories, in the fourth quarter of 2004 averaged 31,396 net barrels of oil per day (BOPD), an increase of nine percent over the 28,767 net
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BOPD produced in the comparable quarter of 2003. A little over one-half of the increase was contributed by the company’s acquisition of properties in the San Jorge basin during September 2004, with the remainder reflecting the impact of the company’s drilling and workover programs. Due to weather delays in December which affected shipping, the company experienced a 441,000 barrel increase in its Argentine oil inventories in the fourth quarter of 2004 (an average of 4,795 net BOPD), resulting in average production, net of this inventory build, of 26,601 net BOPD. This inventory change is anticipated to be temporary since these volumes are expected to be sold in the first quarter of 2005.
Oil production in Yemen made its initial contribution in the second quarter of 2004 and averaged 3,028 net BOPD during the fourth quarter, before the impact of changes in inventories. The company expects to produce approximately 3,400 net BOPD during the first quarter of 2005. As a result of development drilling during 2004, the total productive capacity in Yemen has now risen to approximately 6,250 net (12,000 gross) BOPD. Permanent pipeline and central processing facilities with an initial gross capacity of 10,000 BOPD are expected to be completed in mid-2005.
Commodity Prices and Revenues
Including the impact of derivative financial instruments accounted for as hedges, the company’s realized price for oil from continuing operations increased 36 percent to an average of $34.18 per barrel in the fourth quarter of 2004, compared with last year’s fourth quarter average price of $25.19 per barrel. The company’s realized price for gas, including the impact of hedges, increased 70 percent to $4.64 per Mcf compared to $2.73 per Mcf in the fourth quarter of 2003. As a result of the increases in production and oil and gas prices, oil and gas revenues increased 60 percent to $210.7 million for the fourth quarter of 2004 from $132.0 million in the same period of 2003.
Costs and Expenses
Production costs from continuing operations of $5.42 per BOE in the fourth quarter of 2004 were down four percent from $5.67 per BOE for the previous year’s quarter, as the prior year’s quarter included $2.6 million for costs to repair damage resulting from fires in California.
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Fourth quarter export taxes in Argentina increased from $5.2 million in 2003 to $17.4 million in 2004 primarily as a result of the increased export tax rates announced in August which impacted crude oil exports during the fourth quarter of 2004.
Production, transportation and storage costs combined with production, ad valorem and export taxes (total LOE) increased to $9.59 per BOE in the fourth quarter of 2004 from $7.77 per BOE in the year-earlier quarter, with substantially all of the increase attributable to the increased export taxes in Argentina.
Exploration costs from continuing operations of $11.0 million for the fourth quarter of 2004 consisted of $6.5 million of seismic, geological and geophysical costs, $2.3 million of dry hole costs, primarily in Yemen, and $2.2 million of leasehold impairments. This compares to exploration expense for the fourth quarter of 2003 of $4.2 million, consisting of $2.5 million of seismic, geological and geophysical costs, $0.2 million of dry hole costs and $1.5 million of leasehold impairments.
Interest expense declined 19 percent to $12.5 million in the fourth quarter of 2004 due to an eight percent reduction in average debt outstanding and a 12 percent reduction in the average interest rate resulting from a change in the mix of fixed-rate versus floating-rate debt.
Total Year 2004 Results
Net income for the year ended December 31, 2004, was $332.6 million, or $5.06 per diluted share, compared to a net loss of $240.9 million, or $3.75 per diluted share, for 2003. Income from continuing operations before cumulative effect of change in accounting principle of $125.4 million, or $1.91 per diluted share, compares to $59.5 million, or $0.92 per diluted share, for 2003.
Cash flow excluding discontinued operations, a non-GAAP measure, was $313.2 million for the
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year ended December 31, 2004, up 46 percent compared to $215.2 million in the prior year, reflecting the increase in production and oil and gas prices from the year-ago levels. See the attached table for reconciliations of these non-GAAP financial measures to the corresponding GAAP amounts of cash provided by operating activities of $352.3 million for the year ended December 31, 2004, and $233.8 million in 2003.
Improved Balance Sheet
Net debt (long-term debt less cash and cash equivalents) at December 31, 2004, is $426 million which is down 36 percent from year end 2003, reflecting the application of the proceeds from the sale of the company’s Canadian properties and a portion of its cash flow from continuing operations. The net debt-to-book capitalization ratio declined to 38.4 percent, with net debt representing approximately 1.3 times 2005 targeted cash flow of $320 million and less than one times 2005 targeted EBITDAX of $440 million.
Development Seismic Costs Accounting Policy Under Review
In connection with a routine review of the company’s 2003 Form 10-K filing, the Securities and Exchange Commission (SEC) is currently considering the appropriateness of the company’s accounting policy which provides for the capitalization of 3-D seismic costs incurred in its development activities. The majority of these costs relate to the company’s activities in Argentina where the company has drilled in excess of 450 wells, 97 percent of which have been productive. The company believes its accounting policy is consistent with GAAP and industry practice. Approximately $2.0 million, $1.9 million and $1.7 million of 3-D seismic costs incurred in its development activities were capitalized in the years ended December 31, 2004, 2003 and 2002, respectively. If the company’s development seismic costs had been expensed as exploration costs, additional after-tax adjustments (net of the effect of previously recorded amortization and property sales) of a $0.5 million charge, $3.4 million of income and a $0.2
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million charge would have been recorded to previously reported net income or loss for the years ended December 31, 2004, 2003 and 2002, respectively. The cumulative after-tax effect on retained earnings at December 31, 2004, would have been a reduction of approximately $14.8 million, or two percent of stockholders’ equity. A total of approximately $22.0 million (net of accumulated amortization of $6.4 million) of development seismic costs are included in net property, plant and equipment on the company’s balance sheet at December 31, 2004. The company is currently pursuing a favorable resolution of this matter with the SEC. If unsuccessful, the company may be required to restate prior period financial statements.
2005 Targets Updated
The company is increasing its production target for 2005 from the previously announced 25.8 million BOE to 26.4 million BOE. The increase is a result of the December 2004 acquisition of producing properties in the Gulf Coast area of Alabama and additional volumes expected to be sold in the first quarter of 2005 in Argentina as the company reverses the oil inventory increase experienced during the fourth quarter of 2004 due to weather related shipping delays. These increases were partially offset by adjustments for production which is expected to be temporarily shut-in for much of the first quarter of 2005 due to heavy rains and mudslides in Ventura County, California. The company expects to incur approximately $8.5 million to repair the mudslide damage and, accordingly, has increased its production cost target for 2005.
The company has assumed average NYMEX prices for 2005 of $40.00 per barrel of oil and $6.50 per MMBtu for natural gas. Due to a widening of contract differentials in Argentina, the company has adjusted its expected net realized prices for oil production as a percent of NYMEX prices during 2005 to be 75% versus the previous target of 78%. For 2005, the company has hedged, through price swaps, approximately 5.0 million barrels of oil at an average NYMEX reference price of $36.17 per barrel and 4.7 Bcf of gas at an average NYMEX reference price of $6.33 per MMBtu. In addition, the company has gas price collars for approximately 11.0 Bcf of gas at a NYMEX reference floor price of $6.00 per MMBtu with various caps up to $9.21 per MMBtu (see accompanying table – “Commodity Derivative Status”).
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After considering the impact of the adjustments to expected production, mudslide repair costs and realized price assumptions, plus the other assumptions enumerated in the accompanying table, “Vintage Petroleum, Inc., Revised 2005 Targets” the company is maintaining its target for 2005 cash flow (as defined in the attached table) of $320 million and its EBITDAX target of $440 million.
Vintage to Webcast Fourth-Quarter 2004 Conference Call
The company’s fourth-quarter 2004 teleconference call to review fourth quarter and year end results will be broadcast live on a listen-only basis over the internet on Tuesday, March 1 at 3 p.m. Central Time. Interested parties may access the webcast by visiting the Vintage Petroleum, Inc. website atwww.vintagepetroleum.com and selecting the microphone icon, or atwww.fulldisclosure.comand typing VPI in the ticker search box and selecting “Go”. The teleconference may be accessed by dialing 800-362-0571 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 March 8, 2005, by dialing 402-220-2982.
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 proved oil and gas reserves, the net present value of future net revenue from reserves, future production, exploration drilling, exploitation activities, operating costs, capital spending, EBITDAX, cash flow, NYMEX prices of oil and gas and company realizations, the impact of oil and gas hedging activities, and events or developments that the company
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expects or believes are forward-looking statements. Although the company 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 and to be taken by Argentina as a result of its political and economic conditions and changes in the estimated impact on the company, as well as continued availability of capital and financing, and general economic, market or business conditions.
Vintage Petroleum, Inc. 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 atwww.vintagepetroleum.com.
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31,
| | | Year Ended December 31,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
| |
REVENUES: | | | | | | | | | | | | | | | | |
Oil, condensate and NGL sales | | $ | 149,436 | | | $ | 104,544 | | | $ | 516,756 | | | $ | 428,350 | |
Gas sales | | | 61,298 | | | | 27,504 | | | | 188,582 | | | | 114,049 | |
Sulfur sales | | | 417 | | | | 410 | | | | 1,366 | | | | 1,715 | |
Gas marketing | | | 21,345 | | | | 10,655 | | | | 71,476 | | | | 70,633 | |
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Total revenues | | | 232,496 | | | | 143,113 | | | | 778,180 | | | | 614,747 | |
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COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Production costs | | | 35,661 | | | | 33,038 | | | | 141,040 | | | | 124,367 | |
Transportation and storage costs | | | 3,586 | | | | 2,281 | | | | 11,086 | | | | 7,401 | |
Production and ad valorem taxes | | | 6,450 | | | | 4,713 | | | | 23,007 | | | | 17,469 | |
Export taxes | | | 17,359 | | | | 5,227 | | | | 43,050 | | | | 31,041 | |
Exploration costs | | | 10,993 | | | | 4,212 | | | | 31,993 | | | | 21,607 | |
Gas marketing | | | 20,192 | | | | 9,945 | | | | 67,601 | | | | 68,038 | |
General and administrative | | | 14,750 | | | | 12,241 | | | | 56,473 | | | | 46,908 | |
Stock compensation | | | 528 | | | | 964 | | | | 7,619 | | | | 5,259 | |
Depreciation, depletion and amortization | | | 30,515 | | | | 22,351 | | | | 103,202 | | | | 87,814 | |
Impairment of proved oil and gas properties | | | 2,134 | | | | 6,050 | | | | 6,049 | | | | 6,050 | |
Accretion | | | 1,694 | | | | 1,558 | | | | 6,626 | | | | 5,980 | |
Other operating expense | | | 4,260 | | | | 5,126 | | | | 2,327 | | | | 6,067 | |
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Total costs and expenses | | | 148,122 | | | | 107,706 | | | | 500,073 | | | | 428,001 | |
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OPERATING INCOME | | | 84,374 | | | | 35,407 | | | | 278,107 | | | | 186,746 | |
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NON-OPERATING (INCOME) EXPENSE: | | | | | | | | | | | | | | | | |
Interest expense | | | 12,494 | | | | 15,506 | | | | 51,815 | | | | 69,834 | |
Loss on early extinguishment of debt | | | — | | | | 5,483 | | | | 9,903 | | | | 6,909 | |
Losses on derivative transactions | | | 6,384 | | | | 849 | | | | 21,745 | | | | 1,539 | |
(Gain) loss on disposition of assets | | | (83 | ) | | | 527 | | | | (155 | ) | | | 1,194 | |
Foreign currency exchange (gain) loss | | | 337 | | | | 57 | | | | (775 | ) | | | 6,710 | |
Other non-operating (income) expense | | | 14 | | | | (139 | ) | | | 644 | | | | (788 | ) |
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Net non-operating expense | | | 19,146 | | | | 22,283 | | | | 83,177 | | | | 85,398 | |
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Income from continuing operations before income taxes and cumulative effect of change in accounting principle | | | 65,228 | | | | 13,124 | | | | 194,930 | | | | 101,348 | |
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INCOME TAX PROVISION: | | | | | | | | | | | | | | | | |
Current | | | 13,792 | | | | 531 | | | | 57,906 | | | | 40,140 | |
Deferred | | | 6,468 | | | | 3,771 | | | | 11,583 | | | | 1,714 | |
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Total income tax provision | | | 20,260 | | | | 4,302 | | | | 69,489 | | | | 41,854 | |
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Income from continuing operations before cumulative effect of change in accounting principle | | | 44,968 | | | | 8,822 | | | | 125,441 | | | | 59,494 | |
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INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of income tax benefit of $30,852, $100,615, $30,722, and $75,136, respectively | | | 204,065 | | | | (293,478 | ) | | | 207,151 | | | | (307,520 | ) |
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Income (loss) before cumulative effect of change in accounting principle | | | 249,033 | | | | (284,656 | ) | | | 332,592 | | | | (248,026 | ) |
| | | | |
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, net of income tax provision of $4,104 | | | — | | | | — | | | | — | | | | 7,119 | |
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NET INCOME (LOSS) | | $ | 249,033 | | | $ | (284,656 | ) | | $ | 332,592 | | | $ | (240,907 | ) |
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-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Continued)
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | |
| | | Three Months Ended
December 31,
| | | Year Ended
December 31,
| |
| | | 2004
| | 2003
| | | 2004
| | 2003
| |
BASIC INCOME (LOSS) PER SHARE: | | | | | | | | | | | | | | |
Income from continuing operations before cumulative effect of change in accounting principle | | $ | 0.68 | | $ | 0.14 | | | $ | 1.93 | | $ | 0.93 | |
Income (loss) from discontinued operations | | | 3.10 | | | (4.57 | ) | | | 3.18 | | | (4.80 | ) |
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Income (loss) before cumulative effect of change in accounting principle | | | 3.78 | | | (4.43 | ) | | | 5.11 | | | (3.87 | ) |
Cumulative effect of change in accounting principle | | | — | | | — | | | | — | | | 0.11 | |
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Net income (loss) | | $ | 3.78 | | $ | (4.43 | ) | | $ | 5.11 | | $ | (3.76 | ) |
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DILUTED INCOME (LOSS) PER SHARE: | | | | | | | | | | | | | | |
Income from continuing operations before cumulative effect of change in accounting principle | | $ | 0.68 | | $ | 0.14 | | | $ | 1.91 | | $ | 0.92 | |
Income (loss) from discontinued operations | | | 3.06 | | | (4.53 | ) | | | 3.15 | | | (4.78 | ) |
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Income (loss) before cumulative effect of change in accounting principle | | | 3.74 | | | (4.39 | ) | | | 5.06 | | | (3.86 | ) |
Cumulative effect of change in accounting principle | | | — | | | — | | | | — | | | 0.11 | |
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Net income (loss) | | $ | 3.74 | | $ | (4.39 | ) | | $ | 5.06 | | $ | (3.75 | ) |
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Weighted average common shares outstanding: | | | | | | | | | | | | | | |
Basic | | | 65,824 | | | 64,272 | | | | 65,046 | | | 64,022 | |
Diluted | | | 66,567 | | | 64,799 | | | | 65,784 | | | 64,328 | |
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | |
| | | Year Ended December 31,
| |
| | | 2004
| | | 2003
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | |
Net income (loss) | | $ | 332,592 | | | $ | (240,907 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities - | | | | | | | | |
(Income) loss from discontinued operations, net of tax | | | (207,151 | ) | | | 307,520 | |
Cumulative effect of change in accounting principle | | | — | | | | (7,119 | ) |
Depreciation, depletion and amortization | | | 103,202 | | | | 87,814 | |
Impairment of proved oil and gas properties | | | 6,049 | | | | 6,050 | |
Accretion | | | 6,626 | | | | 5,980 | |
Dry hole costs and impairments of unproved oil and gas properties | | | 21,227 | | | | 11,629 | |
Provision for deferred income taxes | | | 11,583 | | | | 1,714 | |
Foreign currency exchange (gain) loss | | | (775 | ) | | | 6,710 | |
(Gain) loss on dispositions of assets | | | (155 | ) | | | 1,194 | |
Loss on early extinguishment of debt | | | 9,903 | | | | 6,909 | |
Stock compensation | | | 7,619 | | | | 5,259 | |
Losses on derivative activities | | | 21,745 | | | | 1,539 | |
Other non-cash charges included in net income (loss) | | | 844 | | | | 2,359 | |
Increase in receivables | | | (32,659 | ) | | | (3,914 | ) |
Increase in payables and accrued liabilities | | | 53,198 | | | | 9,836 | |
Other working capital changes | | | 3,753 | | | | 9,965 | |
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Cash provided by continuing operations | | | 337,601 | | | | 212,538 | |
Cash provided by discontinued operations | | | 14,705 | | | | 21,295 | |
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Cash provided by operating activities | | | 352,306 | | | | 233,833 | |
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CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | |
Capital expenditures - | | | | | | | | |
Oil and gas properties | | | (306,970 | ) | | | (140,502 | ) |
Gathering systems and other | | | (2,816 | ) | | | (4,273 | ) |
Proceeds from sale of oil and gas properties | | | 668 | | | | 29,981 | |
Purchase of company, net of cash acquired | | | (26,757 | ) | | | — | |
Proceeds from sale of company, net of cash sold | | | 241,482 | | | | 116,107 | |
Payments on non-hedge derivative transactions | | | (10,917 | ) | | | — | |
Other | | | (319 | ) | | | 3,487 | |
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Cash provided (used) by investing activities – continuing operations | | | (105,629 | ) | | | 4,800 | |
Cash provided (used) by investing activities – discontinued operations | | | 7,840 | | | | (13,289 | ) |
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Cash used by investing activities | | | (97,789 | ) | | | (8,489 | ) |
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CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | |
Issuance of common stock | | | 14,122 | | | | 1,625 | |
Purchase of treasury stock | | | (1,202 | ) | | | (3,117 | ) |
Redemption of 9 3/4% Senior Subordinated Notes due 2009 | | | (157,313 | ) | | | — | |
Redemption of 9% Senior Subordinated Notes due 2005 | | | — | | | | (50,750 | ) |
Redemption of 8 5/8% Senior Subordinated Notes due 2009 | | | — | | | | (103,234 | ) |
Advances on revolving credit facility and other borrowings | | | 715,900 | | | | 289,100 | |
Payments on revolving credit facility and other borrowings | | | (715,900 | ) | | | (322,900 | ) |
Dividends paid | | | (12,318 | ) | | | (10,862 | ) |
Other | | | (6,423 | ) | | | (1,753 | ) |
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Cash used by financing activities | | | (163,134 | ) | | | (201,891 | ) |
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EFFECT OF EXCHANGE RATE CHANGES ON CASH | | | 574 | | | | 686 | |
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NET INCREASE IN CASH AND CASH EQUIVALENTS | | | 91,957 | | | | 24,139 | |
CASH AND CASH EQUIVALENTS, beginning of period | | | 32,264 | | | | 8,125 | |
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CASH AND CASH EQUIVALENTS, end of period | | $ | 124,221 | | | $ | 32,264 | |
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|
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except shares and per share amounts)
(Unaudited)
| | | | | | | |
| | | December 31,
|
| | | 2004
| | | 2003
|
A S S E T S | | | | | | | |
CURRENT ASSETS: | | | | | | | |
Cash and cash equivalents | | $ | 124,221 | | | $ | 32,264 |
Accounts receivable - | | | | | | | |
Oil and gas sales | | | 107,870 | | | | 78,321 |
Joint operations | | | 12,479 | | | | 7,480 |
Income taxes receivable | | | 31,571 | | | | 7,421 |
Prepaids and other current assets | | | 39,012 | | | | 6,660 |
Assets of discontinued operations | | | — | | | | 224,321 |
| | |
|
|
| |
|
|
Total current assets | | | 315,153 | | | | 356,467 |
| | |
|
|
| |
|
|
PROPERTY, PLANT AND EQUIPMENT, at cost: | | | | | | | |
Oil and gas properties, successful efforts method | | | 2,163,176 | | | | 1,835,588 |
Oil and gas gathering systems and plants | | | 23,926 | | | | 23,344 |
Other | | | 31,932 | | | | 26,334 |
| | |
|
|
| |
|
|
| | | | 2,219,034 | | | | 1,885,266 |
| | |
Less: Accumulated depreciation, depletion and amortization | | | 942,656 | | | | 829,055 |
| | |
|
|
| |
|
|
Total property, plant and equipment, net | | | 1,276,378 | | | | 1,056,211 |
| | |
|
|
| |
|
|
DEFERRED INCOME TAXES | | | 13,200 | | | | — |
| | |
|
|
| |
|
|
OTHER ASSETS, net | | | 40,161 | | | | 41,581 |
| | |
|
|
| |
|
|
| | | $ | 1,644,892 | | | $ | 1,454,259 |
| | |
|
|
| |
|
|
L I A B I L I T I E S A N D S T O C K H O L D E R S’ E Q U I T Y | | | | | | | |
CURRENT LIABILITIES: | | | | | | | |
Revenue payable | | $ | 33,740 | | | $ | 22,641 |
Accounts payable – trade | | | 50,775 | | | | 41,893 |
Current income taxes payable | | | 23,565 | | | | 23,545 |
Derivative financial instruments payable | | | 27,672 | | | | 7,551 |
Other payables and accrued liabilities | | | 73,748 | | | | 61,507 |
Liabilities of discontinued operations | | | — | | | | 27,914 |
| | |
|
|
| |
|
|
Total current liabilities | | | 209,500 | | | | 185,051 |
| | |
|
|
| |
|
|
LONG-TERM DEBT | | | 549,949 | | | | 699,943 |
| | |
|
|
| |
|
|
DEFERRED INCOME TAXES | | | 80,383 | | | | 60,606 |
| | |
|
|
| |
|
|
LONG-TERM LIABILITY FOR ASSET RETIREMENT OBLIGATIONS | | | 90,707 | | | | 72,158 |
| | |
|
|
| |
|
|
OTHER LONG-TERM LIABILITIES | | | 30,675 | | | | 14,015 |
| | |
|
|
| |
|
|
STOCKHOLDERS’ EQUITY: | | | | | | | |
Preferred stock, $0.01 par, 5,000,000 shares authorized, zero shares issued and outstanding | | | — | | | | — |
Common stock, $0.005 par, 160,000,000 shares authorized, 66,541,984 and 64,720,975 shares issued and 66,012,252 and 64,281,199 outstanding, respectively | | | 333 | | | | 324 |
Capital in excess of par value | | | 361,120 | | | | 337,080 |
Retained earnings | | | 342,707 | | | | 22,844 |
Accumulated other comprehensive income (loss) | | | (13,088 | ) | | | 70,482 |
| | |
|
|
| |
|
|
| | | | 691,072 | | | | 430,730 |
| | |
Less: Treasury stock, at cost, 529,732 and 439,776 shares, respectively | | | 4,319 | | | | 3,117 |
Less: Unamortized cost of restricted stock awards | | | 3,075 | | | | 5,127 |
| | |
|
|
| |
|
|
Total stockholders’ equity | | | 683,678 | | | | 422,486 |
| | |
|
|
| |
|
|
| | | $ | 1,644,892 | | | $ | 1,454,259 |
| | |
|
|
| |
|
|
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
SUMMARY OPERATING DATA
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended
December 31,
| | Year Ended
December 31,
|
| | | 2004
| | 2003
| | 2004
| | | 2003
|
PRODUCTION: | | | | | | | | | |
| | | | |
Oil (MBbls) - | | | | | | | | | |
U.S. | | 1,554 | | 1,445 | | 6,153 | | | 6,199 |
Argentina (a) | | 2,447 | | 2,683 | | 9,900 | (b) | | 10,388 |
Bolivia (a) | | 24 | | 21 | | 89 | | | 83 |
Yemen (a) | | 348 | | — | | 514 | | | — |
| | | | |
Continuing operations | | 4,373 | | 4,149 | | 16,656 | | | 16,670 |
| | | | |
Canada | | 165 | | 303 | | 830 | | | 1,248 |
Ecuador | | — | | — | | — | | | 114 |
| | | | |
Total | | 4,538 | | 4,452 | | 17,486 | | | 18,032 |
| | | | |
Gas (MMcf) - | | | | | | | | | |
U.S. | | 8,958 | | 5,663 | | 30,459 | | | 23,097 |
Argentina | | 2,175 | | 2,635 | | 8,659 | (b) | | 9,838 |
Bolivia | | 2,083 | | 1,761 | | 8,097 | | | 6,252 |
| | | | |
Continuing operations | | 13,216 | | 10,059 | | 47,215 | | | 39,187 |
| | | | |
Canada | | 2,486 | | 4,207 | | 14,077 | | | 19,153 |
| | | | |
Total | | 15,702 | | 14,266 | | 61,292 | | | 58,340 |
| | | | |
MBOE from continuing operations | | 6,576 | | 5,826 | | 24,525 | | | 23,201 |
| | | | |
Total MBOE | | 7,155 | | 6,830 | | 27,701 | | | 27,755 |
| (a) | Oil production (in MBbls) before the impact of changes in inventories: |
| | | | | | | | | |
| | | Three Months Ended
December 31,
| | Year Ended
December 31,
|
| | | 2004
| | 2003
| | 2004
| | | 2003
|
Argentina | | 2,888 | | 2,647 | | 10,347 | (b) | | 10,273 |
Bolivia | | 23 | | 22 | | 94 | | | 83 |
Yemen | | 279 | | — | | 561 | | | — |
| (b) | Argentina production for the year ended December 31, 2004, is estimated to have been reduced as the result of a labor strike and problems at a major oil loading facility by 527 MBbls of oil and 429 MMcf of gas, or 598 MBOE. |
| MBOE | - thousand barrels of oil equivalent |
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
SUMMARY OPERATING DATA
(Continued)
(Unaudited)
| | | | | | | | | | | | | | |
| | | Three Months Ended
December 31,
| | Year Ended
December 31,
|
| | | 2004
| | | 2003
| | 2004
| | | 2003
|
Average Sales Price (including impact of hedges): | | | | | | | | | | | | | | |
| | | | |
Oil (per Bbl) - | | | | | | | | | | | | | | |
U.S. | | $ | 34.51 | (a) | | $ | 23.68 | | $ | 29.29 | (a) | | $ | 24.98 |
Argentina | | | 33.16 | | | | 26.02 | | | 31.74 | | | | 26.14 |
Bolivia | | | 20.75 | | | | 24.04 | | | 23.42 | | | | 23.04 |
Yemen | | | 40.72 | | | | — | | | 39.35 | | | | — |
Continuing operations | | | 34.18 | (a) | | | 25.19 | | | 31.02 | | | | 25.70 |
| | | | |
Canada | | | 33.05 | | | | 28.16 | | | 29.27 | | | | 28.18 |
Ecuador | | | — | | | | — | | | — | | | | 26.87 |
| | | | |
Gas (per Mcf) - | | | | | | | | | | | | | | |
U.S. | | $ | 6.23 | | | $ | 4.01 | | $ | 5.55 | | | $ | 4.20 |
Argentina | | | 0.76 | | | | 0.48 | | | 0.67 | | | | 0.46 |
Bolivia | | | 1.85 | | | | 2.00 | | | 1.71 | | | | 2.01 |
Continuing operations | | | 4.64 | | | | 2.73 | | | 3.99 | | | | 2.91 |
| | | | |
Canada | | | 5.03 | | | | 4.34 | | | 4.85 | | | | 4.35 |
| | | | |
Average Sales Price (excluding impact of hedges): | | | | | | | | | | | | | | |
| | | | |
Oil (per Bbl) - | | | | | | | | | | | | | | |
U.S. | | $ | 41.83 | | | $ | 27.95 | | $ | 36.97 | | | $ | 28.23 |
Argentina | | | 33.16 | | | | 26.02 | | | 31.74 | | | | 26.14 |
Bolivia | | | 20.75 | | | | 24.04 | | | 23.42 | | | | 23.04 |
Yemen | | | 40.72 | | | | — | | | 39.35 | | | | — |
Continuing operations | | | 36.78 | | | | 26.68 | | | 33.86 | | | | 26.91 |
| | | | |
Canada | | | 42.04 | | | | 27.51 | | | 35.48 | | | | 27.90 |
Ecuador | | | — | | | | — | | | — | | | | 26.87 |
| | | | |
Gas (per Mcf) - | | | | | | | | | | | | | | |
U.S. | | $ | 6.18 | | | $ | 4.24 | | $ | 5.54 | | | $ | 4.81 |
Argentina | | | 0.76 | | | | 0.48 | | | 0.67 | | | | 0.46 |
Bolivia | | | 1.85 | | | | 2.00 | | | 1.71 | | | | 2.01 |
Continuing operations | | | 4.60 | | | | 2.86 | | | 3.98 | | | | 3.27 |
| | | | |
Canada | | | 5.03 | | | | 4.11 | | | 4.85 | | | | 4.67 |
| (a) | The average oil sales price per barrel for the U.S. for the three months and year ended December 31, 2004 does not reflect realized losses of $7.03 and $1.78 per barrel, respectively. The average oil sales price per barrel for continuing operations for the three months and year ended December 31, 2004 does not reflect realized losses of $2.50 and $0.66 per barrel, respectively. These losses have been reflected in non-operating expense as they relate to settlements on economic hedges. Economic hedges are derivative financial instruments, intended to hedge a specific exposure, that do not qualify or ceased to qualify for hedge accounting under SFAS 133. |
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
FINANCIAL DATA RELATED TO DISCONTINUED OPERATIONS
CANADA AND ECUADOR
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31,
| | | Year Ended December 31,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
| |
REVENUES: | | | | | | | | | | | | | | | | |
Oil, condensate and NGL sales | | $ | 5,464 | | | $ | 8,527 | | | $ | 24,298 | | | $ | 38,244 | |
Gas sales | | | 12,496 | | | | 18,254 | | | | 68,309 | | | | 83,303 | |
Sulfur sales | | | 165 | | | | 120 | | | | 503 | | | | 604 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total revenues | | | 18,125 | | | | 26,901 | | | | 93,110 | | | | 122,151 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
COSTS AND EXPENSES: | | | | | | | | | | | | | | | | |
Production costs | | | 6,986 | | | | 9,657 | | | | 36,900 | | | | 36,196 | |
Transportation and storage costs | | | 169 | | | | 308 | | | | 1,443 | | | | 2,604 | |
Production and ad valorem taxes | | | 84 | | | | 149 | | | | 1,338 | | | | 1,506 | |
Exploration costs | | | 138 | | | | 15,124 | | | | 7,582 | | | | 53,325 | |
General and administrative | | | 2,945 | | | | 3,730 | | | | 10,235 | | | | 11,219 | |
Depreciation, depletion and amortization | | | — | | | | 14,359 | | | | 23,900 | | | | 56,211 | |
Impairment of proved oil and gas properties | | | — | | | | 350,180 | | | | — | | | | 364,195 | |
Impairment of goodwill | | | — | | | | 25,673 | | | | — | | | | 25,673 | |
Accretion | | | 253 | | | | 352 | | | | 1,299 | | | | 1,360 | |
Other operating (income) expense | | | 83 | | | | (61 | ) | | | (58 | ) | | | (57 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total costs and expenses | | | 10,658 | | | | 419,471 | | | | 82,639 | | | | 552,232 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
OPERATING INCOME (LOSS) | | | 7,467 | | | | (392,570 | ) | | | 10,471 | | | | (430,081 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NON-OPERATING (INCOME) EXPENSE: | | | | | | | | | | | | | | | | |
Interest expense | | | — | | | | 17 | | | | — | | | | 83 | |
Loss on disposition of assets | | | — | | | | 999 | | | | — | | | | 507 | |
Foreign currency exchange (gain) loss | | | 1,832 | | | | 60 | | | | 2,358 | | | | (550 | ) |
Other non-operating (income) expense | | | 179 | | | | 447 | | | | (559 | ) | | | (208 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Net non-operating (income) expense | | | 2,011 | | | | 1,523 | | | | 1,799 | | | | (168 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income (loss) from continuing operations before income taxes | | | 5,456 | | | | (394,093 | ) | | | 8,672 | | | | (429,913 | ) |
| | | | |
INCOME TAX BENEFIT | | | (151 | ) | | | (100,615 | ) | | | (21 | ) | | | (112,902 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE GAIN ON SALE | | | 5,607 | | | | (293,478 | ) | | | 8,693 | | | | (317,011 | ) |
| | | | |
GAIN ON SALE OF DISCONTINUED OPERATIONS, NET OF INCOME TAX PROVISION (BENEFIT) OF $(30,701), $0, $(30,701) and $37,766, respectively | | | 198,458 | | | | — | | | | 198,458 | | | | 9,491 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | | $ | 204,065 | | | $ | (293,478 | ) | | $ | 207,151 | | | $ | (307,520 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
REVISED 2005 TARGETS
| | | | | | | | |
| | | Previous
2005
Targets
| | | Revised
2005
Targets(c)
| |
Oil production (MMBbls): | | | | | | | | |
U.S. | | | 5.8 | | | | 5.8 | |
Argentina | | | 11.9 | | | | 12.3 | (e) |
Bolivia | | | 0.1 | | | | 0.1 | |
Yemen | | | 1.4 | | | | 1.4 | |
Total | | | 19.2 | | | | 19.6 | |
| | |
Gas Production (Bcf): | | | | | | | | |
U.S. | | | 27.6 | | | | 28.3 | |
Argentina | | | 8.0 | | | | 8.0 | |
Bolivia | | | 4.5 | | | | 4.5 | |
Total | | | 40.1 | | | | 40.8 | |
| | |
Total MMBOE | | | 25.8 | | | | 26.4 | |
| | |
Assumed NYMEX(a) prices: | | | | | | | | |
Oil | | $ | 40.00 | | | $ | 40.00 | |
Gas | | $ | 6.50 | | | $ | 6.50 | |
| | |
Net realized price (before impact of hedging) as a percent of NYMEX(a) - Total Company: | | | | | | | | |
Oil | | | 78 | % | | | 75 | % |
Gas | | | 68 | % | | | 69 | % |
| | |
DD&A per BOE (oil and gas only) | | $ | 4.20 | | | $ | 4.65 | |
G&A per BOE | | $ | 2.40 | | | $ | 2.35 | |
| | |
Production, transportation and storage costs per BOE | | $ | 6.95 | | | $ | 7.35 | |
Production, ad valorem and export taxes per BOE | | $ | 3.15 | | | $ | 2.35 | |
| | |
|
|
| |
|
|
|
Total LOE per BOE | | $ | 10.10 | | | $ | 9.70 | |
| | |
Non-Acquisition Capital Spending Budget (in millions) | | $ | 250 | | | $ | 250 | |
| | |
Cash Flow (before all exploration expenses, working capital changes and current taxes associated with property sales) (in millions)(d) | | $ | 320 | | | $ | 320 | |
| | |
EBITDAX (in millions)(b)(d) | | $ | 440 | | | $ | 440 | |
| MMBOE | – million barrels of oil equivalent |
| | | | |
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 three 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, gains/losses on property sales and other non-cash items. |
| (c) | Targets do not reflect any future acquisitions or dispositions of assets. Targets reflect the impact of existing hedges. See “2005 Targets Updated” 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 measure as the company does not establish targets for such GAAP financial measures. |
| (e) | Includes additional sales volumes of 400,000 barrels for an expected decrease in oil inventories. |
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
COMMODITY DERIVATIVE STATUS
OIL PRICE SWAPS
| | | | |
Quarter Ending
| | Barrels
| | NYMEX Reference Price $ Per Bbl
|
March 31, 2005 | | 1,242,000 | | 37.77 |
June 30, 2005 | | 1,255,800 | | 36.49 |
September 30, 2005 | | 1,269,600 | | 35.57 |
December 31, 2005 | | 1,269,600 | | 34.88 |
| | |
March 31, 2006 | | 427,500 | | 37.39 |
June 30, 2006 | | 432,250 | | 36.80 |
September 30, 2006 | | 437,000 | | 36.32 |
December 31, 2006 | | 437,000 | | 35.93 |
| | |
March 31, 2007 | | 189,000 | | 34.26 |
June 30, 2007 | | 63,700 | | 39.66 |
September 30, 2007 | | 64,400 | | 39.38 |
December 31, 2007 | | 64,400 | | 39.10 |
|
| GAS PRICE SWAPS |
| | |
Quarter Ending
| | MMBtu
| | NYMEX Reference Price
$ Per MMBtu
|
March 31, 2005 | | 1,161,000 | | 6.65 |
June 30, 2005 | | 1,173,900 | | 6.15 |
September 30, 2005 | | 1,186,800 | | 6.17 |
December 31, 2005 | | 1,186,800 | | 6.37 |
|
| GAS PRICE COLLARS |
| | |
MMBtu For 2005
| | NYMEX Floor
Reference Price
$ Per MMBtu
| | NYMEX Cap
Reference Price
$ Per MMBtu
|
1,825,000 | | 6.00 | | 6.80 |
3,650,000 | | 6.00 | | 8.02 |
1,825,000 | | 6.00 | | 8.73 |
3,650,000 | | 6.00 | | 9.21 |
-Table Follows-
VINTAGE PETROLEUM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
Cash flow excluding discontinued operations, a non-GAAP measure, represents cash provided by operating activities before the impact of discontinued operations, changes in working capital items related to operating activities, all exploration costs, current taxes on property sales and further adjusted for payments on derivative transactions no longer qualifying for hedge accounting which are reflected as investing activities under GAAP. This non-GAAP measure 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). This non-GAAP cash flow measure 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 and is comparable to targets established by the company. This non-GAAP measure is not a measure of financial performance under GAAP and should not be considered as an alternative to cash provided (used) by operating, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity.
EBITDAX excluding discontinued operations is also presented below 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 excluding discontinued operations as a useful tool for comparison of the company’s financial indicator with those of peer companies and is comparable to targets established by the company. EBITDAX excluding discontinued operations should not be considered as an alternative to net income or cash provided by operating activities, as defined by GAAP. The following table reconciles cash provided by operating activities to cash flow excluding discontinued operations and EBITDAX excluding discontinued operations (in thousands):
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31,
| | | Year Ended December 31,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
| |
Cash provided by operating activities (GAAP measure) | | $ | 96,092 | | | $ | 61,677 | | | $ | 352,306 | | | $ | 233,833 | |
Adjustments to remove the impact of: | | | | | | | | | | | | | | | | |
Cash used (provided) by discontinued operations | | | 19,941 | | | | (4,889 | ) | | | (14,705 | ) | | | (21,295 | ) |
Changes in working capital items related to operating activities | | | (18,174 | ) | | | (4,232 | ) | | | (24,292 | ) | | | (15,887 | ) |
Exploration geological and geophysical costs | | | 6,499 | | | | 2,493 | | | | 10,766 | | | | 9,978 | |
Current tax provision associated with miscellaneous property sales | | | — | | | | 1,668 | | | | — | | | | 8,601 | |
Payments on derivative transactions included in investing activities | | | (10,917 | ) | | | — | | | | (10,917 | ) | | | — | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Cash flow excluding discontinued operations (non-GAAP measure) | | | 93,441 | | | | 56,717 | | | | 313,158 | | | | 215,230 | |
| | | | |
Current taxes | | | 13,792 | | | | 4,764 | | | | 57,906 | | | | 37,440 | |
Interest expense | | | 12,494 | | | | 15,506 | | | | 51,815 | | | | 69,834 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
EBITDAX excluding discontinued operations (non-GAAP measure) | | $ | 119,727 | | | $ | 76,987 | | | $ | 422,879 | | | $ | 322,504 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
-30-
