EXHIBIT 99.1
TRITON ENERGY REPORTS FOURTH-QUARTER
AND FULL-YEAR 1999 FINANCIAL RESULTS
TRITON RESERVE REPLACEMENT 300 PERCENT, WITH
AVERAGE 1999 FINDING AND DEVELOPMENT COSTS $3.35 PER BARREL
DALLAS, February 1, 2000 -- Triton Energy Limited (NYSE: OIL) today reported
fourth-quarter 1999 profit of $5.8 million, or $0.16 per diluted share, compared
with a loss of $130.3 million, or $3.55 per diluted share, in the fourth quarter
of 1998. Net income for 1999 was $16.2 million, or $0.45 per diluted share.
This compares with a 1998 full-year loss of $190.6 million, or $5.21 per diluted
share. Results are after preferred dividends of $28.7 million for all of 1999,
including a fourth-quarter preferred dividend of $14.5 million versus preferred
dividends of $3.1 million and $2.7 million for the full-year 1998 and fourth
quarter, respectively.
Excluding the effect of unusual and nonrecurring items, Triton's fourth-quarter
1999 profit would have been $7.4 million, or $0.20 per diluted share, versus a
loss of $6.7 million, or $0.18 per diluted share, on a comparable basis in the
prior-year quarter. The improvement is primarily the result of substantially
higher oil prices in the current period. Fourth-quarter 1998 results included a
non-cash charge to earnings of $126.3 million associated with the application of
the Securities and Exchange Commission's (SEC) mandated ceiling test to the
Company's proved oil reserves. Triton's realized oil price averaged $19.11 per
barrel in the fourth quarter of 1999, an increase of 74 percent from the prior
year.
James C. Musselman, President and Chief Executive Officer, said: "With the vast
majority of our production concentrated in oil, Triton clearly benefited from
the strong oil price environment. At the end of the first quarter, our forward
oil sale obligation terminates and we anticipate a monthly increase in pre-tax
cash flow of more than six million dollars at current oil prices."
OIL AND GAS RESERVES
Triton replaced 300 percent of its 1999 oil and gas production with average
finding and development costs excluding proved property acquisitions of $3.35
per barrel. Triton's estimated year-end proved oil and gas reserves increased
to 265.6 million barrels of oil equivalent (mmboe), due to the addition of 37.7
mmboe before production. Partially offsetting the reserve additions was
production during the year of 12.5 mmboe, which excludes forward oil sale
deliveries of 3.1 mmboe.
The 1999 year-end proved reserves reflect an increase of 32.6 mmbo associated
with initial reserve bookings from the Company's Ceiba Field discovery in
Equatorial Guinea. Third-party engineers retained to evaluate the Ceiba Field
estimated gross proved reserves of 59 mmbo. Triton's share of the gross proved
reserves at year-end 1999 is approximately 55 percent. This percentage will
vary based on the field's ultimate size. In addition, the Company added net
proved reserves of 3.3 mmboe in the Cupiagua field as a result of the 1999
acquisition of an interest in the Recetor license. The proved reserve additions
were based on wells already drilled in the Cupiagua Field, which borders the
Recetor license.
Mr. Musselman added, "We are pleased with the initial booking of proved reserves
from the Ceiba Field, especially since only two wells have been drilled to date.
Efforts continue to more fully evaluate the field's upside potential and to
accelerate first-phase development to achieve early production."
Using the SEC standard measures for calculating the value of oil and gas
reserves, Triton's estimated pre-tax year-end value for proved oil and gas
reserves discounted at 10 percent annually is $1,943 million at year-end 1999,
versus $669 million a year ago. The increase from year-end 1998 reflects higher
crude oil prices and the aforementioned increases to proved reserves.
OPERATIONAL UPDATE
Cusiana/Cupiagua - Triton's first well on the Recetor license has reached the
Mirador sand and confirmed an extension of the Cupiagua Field onto the license.
The well, which came in high to pre-drilling plans, is currently being completed
and is expected to be flow tested shortly. Initial indications support the view
that the Cupiagua Field's extension into the Recetor license may be larger than
first thought. Results of the well were not included in the determination of
year-end proved reserves. Gross daily production from the Cusiana and Cupiagua
fields averaged 418,000 barrels for the fourth quarter and 430,000 barrels for
the year.
Block A-18 MTJDA - Carigali-Triton Operating Company (CTOC) is in the final
stages of an evaluation and award process for an EPC contract (Engineering,
Procurement, and Construction) covering the first phase of development on the
block. Contracts for long-lead items have been awarded, including those for
structural steel, refrigeration, compression and carbon dioxide removal systems.
Ceiba Field/ Blocks F&G - With the Plan of Development approved by the
government of Equatorial Guinea, development activity on the Ceiba Field has
accelerated on a number of fronts. The Company anticipates quickly finalizing
the Floating Production Storage and Offloading (FPSO) contract and other
contracts covering key components of the development. The 3D seismic
acquisition program is approximately 65 percent complete and is expected to be
finished later in the current quarter. As previously announced, first oil
production is expected by year-end.
DIVIDENDS
Dividends on the Company's 5% convertible preference shares, approximately $0.2
million, are reported in the first and third quarters, while dividends on the 8%
convertible preference shares, approximately $14.5 million, are reportable in
the second and fourth quarters.
The following table provides details on fourth-quarter and full-year results:
THREE MONTHS ENDED TWELVE MONTHS ENDED
12/31/99 12/31/98 12/31/99 12/31/98
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In millions, except per share data
Revenues $71.8 $50.2 $247.9 $228.6
Oil and gas sales $71.8 $45.7 $247.9 $160.9
As reported after preference dividends:
Net earnings (loss) $5.8 $(130.3) $16.2 $(190.6)
Net earnings (loss) per diluted share $0.16 $(3.55) $0.45 $(5.21)
Adjusted for unusual and nonrecurring items:
Net earnings (loss) $7.4 $(6.7) $22.9 $(33.9)
Net earnings (loss) per diluted share $0.20 $(0.18) $0.63 $(0.93)
Average diluted shares outstanding 36.9 36.6 36.2 36.6
INTERNET-TELECONFERENCE
Triton will hold an Internet-teleconference today (February 1, 2000) at 11:30
a.m. eastern time. The teleconference is open to all participants and may be
accessed over the Internet at the following URL address:
www.videonewswire.com/TRITON/02012000/ (please note TRITON in all capital
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letters)
ABOUT TRITON
Triton Energy Limited (NYSE: OIL) is a Dallas-based international oil and gas
exploration and production company with major oil and gas assets in Latin
America, Southeast Asia and West Africa. For more information about Triton,
please visit us at: www.tritonenergy.com.
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Certain statements in this news release regarding future expectations and
financial performance, other than historical information, may be regarded as
"forward-looking statements" within the meaning of the U.S. Securities
Litigation Reform Act. They are subject to various risks and uncertainties,
such as the timely completion and cost of exploration, appraisal and development
activities, capital spending plans, estimates of underground accumulations of
oil and gas and their net present value, anticipated production volumes and
quarterly fluctuations in results. These are discussed in detail in the
Company's Securities and Exchange Commission filings, including its report on
Form 10-Q for the quarter ended September 30, 1999. Actual results may vary
materially.
Investor Contact: Triton Energy Limited:
W. Greg Dunlevy, Vice President and Treasurer
(214) 691-5200
Media Contact: Mark Semer
Kekst and Company
(212) 521-4802
TABLE FOLLOWS
TRITON ENERGY
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(PRELIMINARY UNAUDITED)
DECEMBER 31,
1999 1998
------ ------
(in thousands)
Cash and cash equivalents $186,323 $ 18,757
Short-term borrowings and current maturities of long-term debt 9,027 19,027
Long-term debt, excluding current maturities 404,460 413,465
Shareholders' equity 460,322 223,807
Total ordinary shares outstanding 35,764 36,643
Average diluted ordinary shares outstanding 36,197 36,609
CONSOLIDATED OIL PRODUCTION STATISTICS
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(NET TO TRITON)
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THREE MONTHS ENDED
DECEMBER 31, YEAR ENDED DECEMBER 31,
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1999 1998 1999 1998
-------- ------- -------- -------
Average revenue realized per Bbl* $ 19.11 $ 10.97 $ 15.95 $ 12.31
Sales volumes - Bbls/day 32,478 36,901 34,162 27,340
Forward oil sale deliveries - Bbls/day 8,283 8,283 8,356 8,356
- ------------------------------------------ -------- ------- -------- -------
Total revenue Bbls/day 40,761 45,184 42,518 35,696
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* Includes Ecopetrol reimbursement barrels and oil delivered
under the forward oil sale.
PROVED RESERVES (MMBOE)
Colombia 127.5
Malaysia-Thailand Block A-18 105.5
Equatorial Guinea Block G 32.6
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Total Proved Reserves 265.6
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