Exhibit 99.1
TRITON ENERGY REPORTS FIRST-QUARTER 2000
EARNINGS PER DILUTED SHARE OF $0.45
DALLAS, TEXAS - May 2, 2000 - Triton Energy Limited (NYSE: OIL) today reports
first-quarter 2000 earnings of $26.4 million, or $0.73 per basic share and $0.45
per diluted share, compared with first-quarter 1999 earnings of $1.7 million, or
$0.05 per basic share and $0.03 per diluted share. First-quarter 1999 results
include a $1.2 million charge for restructuring and cost-reduction efforts.
Results for both periods are reported after dividends on the Company's 5%
convertible preference shares. The Company's 8% convertible preference shares
were included in the calculation of diluted shares outstanding for both
quarters.
First-quarter 2000 revenues were $74.5 million, a 52% increase over revenues of
$49.2 million for the first quarter of 1999.
The substantial improvement in Triton's results was primarily due to the
dramatic rebound in oil prices compared with the year-ago period. Triton's
realized oil price per barrel averaged $23.09, 87% above the average realized
oil price per barrel of $12.37 in the first quarter of 1999.
"We are pleased with Triton's improved operational and financial performance in
the first quarter," said James C. Musselman, Triton President and Chief
Executive Officer. "Our achievements during the quarter included finalizing a
development plan and signing all key contracts to facilitate initial oil
production this year from the Ceiba Field offshore West Africa. Along with
sustained strong oil prices, our project management expertise, top-notch
technical team, capital discipline and financial strength should help us
continue to create value for our investors."
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 will be available for sale each quarter, or about an
additional $19 million in pre-tax cash flow at current oil prices.
(more)
OPERATIONS UPDATE
Production from the Cusiana and Cupiagua fields in Colombia averaged 364,000
barrels of oil per day (BOPD) during the first-quarter 2000, following an
average production rate for the year 1999 of 430,000 BOPD. Triton attributed
this decline to lower production than forecasted by the fields' operator. The
operator expects the production rate will improve during the year as it drills
and completes additional wells and performs well maintenance.
Triton's first well on the Recetor license, the Liria YD-2, is producing at a
limited flow rate pending additional perforations and a hydraulic fracture. A
preliminary development plan for Recetor, which contains a northern extension of
the Cupiagua Field, calls for about two wells to be drilled annually during the
next few years.
Offshore Equatorial Guinea, the Ceiba-3 appraisal well was spudded May 1 by
Global Marine's drillship R.F. Bauer. Triton anticipates the well reaching
target depth in about 30 days. A second rig, the Sedco 700, is expected to
arrive on site by early June to drill and/or complete wells. Additional wells
will be drilled and completed by the Bauer drillship and Sedco rig as part of
Triton's accelerated development program for the field. Production components,
including the floating production, storage and offloading vessel, are being
manufactured and/or refurbished at several locations worldwide.
About 8%, or 350 square kilometers, of the 3D seismic acquired over the Ceiba
Field has been processed and is being analyzed by Triton. The remaining seismic
data, approximately 3,850 square kilometers, is being processed and should be
available by the end of May for Triton's analysis. The information gleaned from
the seismic data is helping the Company better determine future well-site
locations and prospectivity.
In late March, the Company announced it had increased its 2000 capital spending
program by $22 million to $213 million to accelerate appraisal and development
activity on its Equatorial Guinea acreage. Triton previously announced that it
anticipates first oil production from the Ceiba Field by year-end.
DIVIDENDS
Dividends on Triton's 5% convertible preference shares, approximately $0.2
million, are paid in the first and third quarters. Dividends on the Company's 8%
convertible preference shares, approximately $14.5 million, are paid in the
second and fourth quarters.
(more)
INTERNET TELECONFERENCE
Triton will hold an Internet teleconference today, May 2, 2000, at 11:30 a.m.
Eastern time. The teleconference is open to the public and may be accessed over
the Internet at the following address: www.videonewswire.com/TRITON/050200.
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(Please note that TRITON must be typed in all capital letters for site access.)
ABOUT TRITON
Triton Energy Limited 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. More information about Triton may be found at the
Company's web site, www.tritonenergy.com.
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# # #
SAFE HARBOR STATEMENT: Certain statements in this news release, as well as
written and oral statements made from time to time by Triton and its
representatives in other reports, filings with the Securities and Exchange
Commission, news releases, conferences, teleconferences or otherwise, regarding
future expectations and financial performance may be regarded as
"forward-looking statements" within the meaning of the U.S. Securities
Litigation Reform Act. These "forward-looking statements" include statements
regarding future cash flow and production, drilling schedules and the number of
wells to be drilled, estimates of first gas production from the Cakerawala
Field, the availability of seismic data and estimates of first oil production
from the Ceiba Field. These statements are subject to various risks and
uncertainties, such as the timely completion and cost of exploration, appraisal
and development activities, contract performance by third parties 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-K
for the year ended December 31, 1999. Actual results may vary materially.
Investor Contact: Crystal C. Bell, Director, Investor Relations and
Corporate Communications
Triton Energy
(214) 691-5200
Media Contact: Mark Semer
Kekst and Company
(212) 521-4802
TABLES FOLLOW
TRITON ENERGY LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(PRELIMINARY UNAUDITED)
THREE MONTHS ENDED MARCH 31,
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2000 1999
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Oil and gas sales $ 74,505 $ 49,170
Costs and expenses:
Operating 15,831 18,976
General and administrative 4,575 4,935
Depreciation, depletion and amortization 14,009 15,371
Special charges --- 1,220
34,415 40,502
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Operating income 40,090 8,668
Interest income 2,777 2,578
Interest expense, net (4,750) (5,983)
Other income (expense), net (1,042) 923
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(3,015) (2,482)
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Earnings before income taxes 37,075 6,186
Income tax expense 10,551 4,299
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Net earnings 26,524 1,887
Dividends on preference shares 163 180
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Earnings applicable to ordinary shares $ 26,361 $ 1,707
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Average ordinary shares outstanding 35,895 36,663
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Basic earnings per ordinary share $ 0.73 $ 0.05
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Average dilutive shares outstanding 58,476 56,239
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Diluted earnings per ordinary share $ 0.45 $ 0.03
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TRITON ENERGY
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(PRELIMINARY UNAUDITED)
MARCH 31, DEC. 31,
2000 1999
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(in thousands)
Cash and cash equivalents $ 200,933 $ 186,323
Current maturities of long-term debt 9,110 9,027
Long-term debt, excluding current maturities 400,039 404,460
Shareholders' equity 494,869 463,052
Total ordinary shares outstanding 36,142 35,764
Average diluted ordinary shares outstanding 58,476 36,197
CONSOLIDATED OIL PRODUCTION STATISTICS
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(NET TO TRITON)
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THREE MONTHS ENDED MARCH 31,
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2000 1999
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Average revenue realized per Bbl* $ 23.09 $ 12.37
Sales volumes - Bbls/day 27,022 35,622
Forward oil sale deliveries - Bbls/day 8,374 8,467
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Total revenue Bbls/day 35,396 44,089
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* Includes Ecopetrol reimbursement barrels and oil delivered under the forward oil sale.