EXHIBIT 99.1
PRESS RELEASE
[REMINGTON LOGO]
FOR IMMEDIATE RELEASE
CONTACT: STEVEN J. CRAIG
SR. VICE PRESIDENT
(214) 210-2675
REMINGTON OIL AND GAS CORPORATION ANNOUNCES
FIRST QUARTER 2003 EARNINGS
Dallas, TX, April 30, 2003, - Remington Oil and Gas Corporation (NYSE: REM)
announced the following first quarter financial and production information:
<Table>
<Caption>
Three Months Ended
March 31,
----------------------------------------------
2003 2002
-------------------- ----------------------
(In thousands, except per share, price and
production data)
Revenues $ 42,201 $ 19,307
Net income $ 11,687 $ 258
Cash flow provided by operations before
changes in working capital $ 35,669 $ 13,957
Weighted average diluted shares 27,970 24,997
Diluted income per share $ 0.42 $ 0.01
Production Bcfe 7.1 7.0
Average gas price $ 6.35 $ 2.57
Average oil price $ 31.87 $ 19.15
</Table>
Total revenues, net income and cash flow from operations before changes in
working capital increased during the first quarter of 2003 primarily because of
higher average oil and gas prices. Production was 7.1 Bcfe, a 2% increase over
the first quarter of 2002, and a sequential 13% increase over the fourth quarter
of 2002. Gas sales revenue increased by $16.4 million, or 134%, and oil sales
revenue increased by $6.5 million, or 93%. Net income increased by $11.4 million
and cash flow provided by operations before changes in working capital increased
by $21.7 million. Average gas prices increased from $2.57 per Mcf in 2002 to
$6.35 per Mcf in 2003. Average oil prices increased from $19.15 per barrel to
$31.87 per barrel. No hedges or forward sales were in place in the first
quarter. Total oil production increased by 16% primarily from new properties in
the Gulf of Mexico, and total gas production decreased by 5% because of property
sales in South Texas in 2002 partially offset by increased production from the
Gulf of Mexico.
Operating costs and expenses were $0.60 per Mcfe compared to $0.45 per Mcfe in
2002 partially due to a higher proportion of more costly oil production.
Depreciation, depletion, and amortization increased from $1.38 per Mcfe to $1.52
per Mcfe in 2003 reflecting an increase in our rate due to increased production
from new higher cost properties. General and administrative expenses did not
change at $0.18 per Mcfe for each of the quarters ending March 31, 2003 and
2002. Interest and financing costs decreased to $0.06 per Mcfe from $0.12 per
Mcfe, or by 52%, due to lower average rates and a decrease in the average debt
outstanding.
- more -
Deferred income tax expense increased by $6.2 million because of higher income
before taxes in the first quarter of 2003 compared to the first quarter of 2002.
Exploration expenses increased to $7.1 MM from $3.7 MM primarily because of dry
hole costs for wells drilled in the Gulf of Mexico, reflecting a much more
active drilling program in the first quarter of 2003.
The adoption of Statement of Financial Accounting Standards No. 143, "Accounting
for Asset Retirement Obligations," had no material effect on our first quarter
net income. Our prior estimates of abandonment liabilities were in line with the
estimation methodology required under FASB 143.
James A. Watt, President and Chief Executive Officer said, "First quarter
operating margins were excellent. We expect DD&A, LOE, G&A and interest costs to
be within guidance provided to the marketplace allowing for continued excellent
margins, even in a somewhat lower commodity price environment. Production is on
track for 35-37 Bcfe for the year providing cash flow to continue growing our
reserve base primarily through exploration drilling."
Remington Oil and Gas Corporation is an independent oil and gas exploration and
production company headquartered in Dallas, Texas, with operations concentrating
in the onshore and offshore regions of the Gulf Coast.
Statements concerning future revenues and expenses, results of exploration,
exploitation, development and acquisition expenditures, and reserve levels are
forward-looking statements. These statements are based on assumptions concerning
commodity prices, drilling results and production, administrative and interest
costs that management believes are reasonable based on currently available
information; however, management's assumptions and the Company's future
performance are subject to a wide range of business risks and there is no
assurance that these goals and projections can or will be met. Further
information is available in the Company's filings with the Securities and
Exchange Commission, which are incorporated by this reference.
2
REMINGTON OIL AND GAS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<Table>
<Caption>
March 31, December 31,
2003 2002
------------ ------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 14,814 $ 14,929
Accounts receivable 47,288 32,555
Prepaid drilling costs 5,775 3,115
Prepaid expenses and other current assets 1,688 1,863
------------ ------------
TOTAL CURRENT ASSETS 69,565 52,462
------------ ------------
PROPERTIES
Oil and gas properties (successful-efforts method) 537,974 510,921
Other properties 3,247 3,182
Accumulated depreciation, depletion and amortization (287,027) (279,722)
------------ ------------
TOTAL PROPERTIES 254,194 234,381
------------ ------------
OTHER ASSETS 2,150 2,150
------------ ------------
TOTAL ASSETS $ 325,909 $ 288,993
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 54,140 $ 47,523
Short-term notes payable and current portion of other long-term payables 2,285 1,715
------------ ------------
TOTAL CURRENT LIABILITIES 56,425 49,238
------------ ------------
LONG-TERM LIABILITIES
Notes payable 37,400 37,400
Other long-term payables 1,224 1,503
Asset retirement obligation 11,847 --
Deferred income taxes 13,261 7,192
------------ ------------
TOTAL LONG-TERM LIABILITIES 63,732 46,095
------------ ------------
TOTAL LIABILITIES 120,157 95,333
------------ ------------
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 25,000,000 shares authorized, no shares
Outstanding -- --
Common stock, $.01 par value, 100,000,000 shares authorized,
26,495,553 shares issued and 26,388,801 shares outstanding in 2003,
26,327,195 shares issued and 26,236,459 shares outstanding in 2002 265 263
Additional paid-in capital 117,144 115,827
Restricted common stock 4,508 5,468
Unearned compensation (2,845) (3,192)
Treasury stock, 72,393 shares in 2003 and 56,377 shares in 2002 (1,278) (977)
Retained earnings 87,958 76,271
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 205,752 193,660
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 325,909 $ 288,993
============ ============
</Table>
REMINGTON OIL AND GAS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
<Table>
<Caption>
Three Months Ended March 31,
----------------------------
2003 2002
---------- ----------
REVENUES
Oil sales $ 13,575 $ 7,030
Gas sales 28,593 12,234
Other income 33 43
---------- ----------
TOTAL REVENUES 42,201 19,307
---------- ----------
COSTS AND EXPENSES
Operating 4,256 3,146
Exploration 7,098 3,664
Depreciation, depletion and amortization 10,757 9,568
General and administrative 1,291 1,246
Stock based compensation 419 457
Interest and financing 400 829
---------- ----------
TOTAL COSTS AND EXPENSES 24,221 18,910
---------- ----------
INCOME BEFORE INCOME TAXES 17,980 397
Income tax expense 6,293 139
---------- ----------
NET INCOME $ 11,687 $ 258
========== ==========
BASIC INCOME PER SHARE $ 0.44 $ 0.01
========== ==========
DILUTED INCOME PER SHARE $ 0.42 $ 0.01
========== ==========
WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC) 26,340 22,878
WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED) 27,970 24,997
PRODUCTION
Oil (MBbls) 426 367
Gas (MMcf) 4,505 4,755
AVERAGE PRICES
Oil $ 31.87 $ 19.15
Gas $ 6.35 $ 2.57
</Table>
REMINGTON OIL AND GAS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
<Table>
<Caption>
Three Months Ended
March 31,
-----------------------------
2003 2002
---------- ----------
CASH FLOW PROVIDED BY OPERATIONS
NET INCOME $ 11,687 $ 258
Adjustments to reconcile net income
Depreciation, depletion and amortization 10,757 9,568
Deferred income taxes 6,293 139
Amortization of deferred charges 64 47
Dry hole and impairment costs 6,745 3,492
Cash paid for dismantlement (296) (4)
Stock based compensation 419 457
CASH FLOW PROVIDED BY OPERATIONS BEFORE CHANGES IN WORKING ---------- ----------
CAPITAL 35,669 13,957
---------- ----------
CHANGES IN WORKING CAPITAL
(Increase) in accounts receivable (14,733) (1,932)
(Increase) in prepaid expenses and other current assets (2,549) (1,714)
Increase (decrease) in accounts payable and accrued expenses 6,617 (7,314)
---------- ----------
NET CASH FLOW PROVIDED BY OPERATIONS 25,004 2,997
---------- ----------
CASH FROM INVESTING ACTIVITIES
Capital expenditures (24,614) (20,387)
---------- ----------
NET CASH (USED IN) INVESTING ACTIVITIES (24,614) (20,387)
---------- ----------
CASH FROM FINANCING ACTIVITIES
Payments on notes payable and other long-term payables (267) (44,652)
Common stock issued 63 53,313
Purchase of treasury stock (301) (255)
---------- ----------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (505) 8,406
---------- ----------
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (115) (8,984)
Cash and cash equivalents at beginning of period 14,929 19,377
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 14,814 $ 10,393
========== ==========
</Table>
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