This annual report summarizes Cross Timbers Oil Company's financial and operational performance in 1996. Some key highlights include:
- Record revenues of $161.4 million, up 43% from 1995. Record earnings of $19.8 million and operating cash flow of $68.3 million, both up significantly from 1995.
- Acquisition of over $100 million in producing properties in the Green River Basin in Wyoming and Permian Basin in Texas, expanding the company's reserve base.
- Plans to spend $120 million in capital expenditures in 1997 focused on drilling 173 wells and further developing its core areas.
- Goals to increase proved reserves to 5.4 BOE per share and cash
The document summarizes the history of Fort Worth, Texas from its origins as a frontier Army post in 1849 through its evolution into a modern city. It discusses how Fort Worth was shaped by strong individuals with big dreams who helped build the community through industries like cattle, railroads, oil, and entertainment. The annual report is dedicated to the diverse people who contributed to Fort Worth's growth and character. It also provides background on Cross Timbers Oil Company, the company publishing the report, and the forests they are named after.
This document provides the financial statements for Prophecy Resource Corp. as of September 30, 2008. It includes a balance sheet showing total assets of $1,355,633 including cash, investments, and mineral property assets, as well as total liabilities of $105,053 and shareholders' equity of $1,250,580. It also includes statements of operations showing a net loss of $75,326 for the year, comprehensive loss, and deficit, as well as statements of cash flows showing cash used by operating and investing activities and provided by financing activities. Notes to the financial statements provide additional details on nature of operations, accounting policies, and related party transactions.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
Evol depositos por empresa estatal Banco Nuevo Mundo oct 2000 -sept 2001gonzaloromani
The document appears to be a table listing deposits from various Peruvian government institutions and state-owned enterprises held at Banco Nuevo Mundo between October 2000 and September 2001. It includes current accounts, savings accounts, time deposits, and interest-bearing checks in both Peruvian currency (S/.) and US dollars. The table lists 35 institutions and their monthly deposit balances in S/. and US$ over this period. The largest depositors included FONAVI, ESSALUD, and various state-owned infrastructure and development agencies.
This document is Jacobs' 2001 annual report. It summarizes that Jacobs had record revenues of $4 billion and net income of $87.8 million in 2001. It also had a backlog of $5.9 billion, up $500 million from 2000. The report discusses Jacobs' strategic acquisitions in Europe that expanded its international operations and discusses its commitment to safety and satisfied clients.
The auditors' report summarizes that they audited Prophecy Resource Corp.'s financial statements for the years ended September 30, 2007 and 2006. The auditors conducted their audits in accordance with Canadian generally accepted auditing standards and determined that the financial statements present fairly the financial position of the company.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
The document summarizes the history of Fort Worth, Texas from its origins as a frontier Army post in 1849 through its evolution into a modern city. It discusses how Fort Worth was shaped by strong individuals with big dreams who helped build the community through industries like cattle, railroads, oil, and entertainment. The annual report is dedicated to the diverse people who contributed to Fort Worth's growth and character. It also provides background on Cross Timbers Oil Company, the company publishing the report, and the forests they are named after.
This document provides the financial statements for Prophecy Resource Corp. as of September 30, 2008. It includes a balance sheet showing total assets of $1,355,633 including cash, investments, and mineral property assets, as well as total liabilities of $105,053 and shareholders' equity of $1,250,580. It also includes statements of operations showing a net loss of $75,326 for the year, comprehensive loss, and deficit, as well as statements of cash flows showing cash used by operating and investing activities and provided by financing activities. Notes to the financial statements provide additional details on nature of operations, accounting policies, and related party transactions.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
Evol depositos por empresa estatal Banco Nuevo Mundo oct 2000 -sept 2001gonzaloromani
The document appears to be a table listing deposits from various Peruvian government institutions and state-owned enterprises held at Banco Nuevo Mundo between October 2000 and September 2001. It includes current accounts, savings accounts, time deposits, and interest-bearing checks in both Peruvian currency (S/.) and US dollars. The table lists 35 institutions and their monthly deposit balances in S/. and US$ over this period. The largest depositors included FONAVI, ESSALUD, and various state-owned infrastructure and development agencies.
This document is Jacobs' 2001 annual report. It summarizes that Jacobs had record revenues of $4 billion and net income of $87.8 million in 2001. It also had a backlog of $5.9 billion, up $500 million from 2000. The report discusses Jacobs' strategic acquisitions in Europe that expanded its international operations and discusses its commitment to safety and satisfied clients.
The auditors' report summarizes that they audited Prophecy Resource Corp.'s financial statements for the years ended September 30, 2007 and 2006. The auditors conducted their audits in accordance with Canadian generally accepted auditing standards and determined that the financial statements present fairly the financial position of the company.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Teton Valley Recycling, Llc Financial PlanScot Acocks
This document contains a financial plan for Teton Valley Recycling (TVR) LLC. It outlines startup expenses totaling $12,950 which will be funded by $2,000 in cash and $11,500 in long-term liabilities. Sales are projected to grow from $55,800 in FY2010 to $111,598 in FY2011 to $223,196 in FY2012. Payroll is expected to increase from $14,106 in FY2010 to $39,308 in FY2011 to $86,544 in FY2012 as the business grows.
Google Q4 2012 Quarterly Earnings SummaryKit Seeborg
The document summarizes Google's financial results for Q4 2012. It reports that Google's consolidated revenues grew 36% year-over-year and 8% quarter-over-quarter to $14.4 billion. It also discusses strong revenue growth and cash flow. The document provides details on revenue sources and breakdowns between US vs international revenues. It includes charts showing revenue trends over time and costs like traffic acquisition costs.
Yum! Brands had a very successful financial year in 2002, with revenue growth of 12% and ongoing operating earnings per share growth of 19%. A key driver of growth was the company's international business, where ongoing operating profits grew 22% and over 1,000 new restaurants were opened. Looking ahead, Yum! Brands plans to double its number of international restaurants in the next 8-10 years. Additionally, the company sees potential to expand in the US through its strategy of "multibranding", which involves offering multiple brands like KFC, Taco Bell, and Pizza Hut under the same roof. This allows Yum! to drive higher sales and pursue new market opportunities. The goal is to remodel
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
презентация для инвесторов, апрель 2011evraz_company
This document provides an overview of Evraz Group, a large global steel and mining company, for the years 2009-2010. Some key points:
- In 2010, Evraz produced 16.3 million tons of crude steel and sold 15.5 million tons of rolled products, with revenue of $13.4 billion and EBITDA of $2.4 billion.
- Revenue and earnings grew significantly from 2009 as a result of strong market recovery and increases in both steel product prices and volumes sold.
- While steel products remain the largest source of revenue, the mining segment contributed more to EBITDA due to relatively higher growth in iron ore and metallurgical coal prices.
PPG Industries reported financial results for the third quarter and first nine months of 2007. Net sales increased 13% to $2.8 billion for the quarter compared to the prior year. Income from continuing operations increased significantly to $215 million for the quarter from $70 million in the prior year. For the first nine months, net sales increased 13% to $8.3 billion and income from continuing operations increased 24% to $622 million compared to the same period in 2006.
Star Bulk reported financial results for the third quarter and nine months of 2012. Revenues declined compared to the same periods in 2011 due to lower charter rates. The company reported a large net loss for the third quarter and nine months of 2012 due to non-cash items. Excluding these items, adjusted earnings were lower but the company had positive adjusted EBITDA. The company maintained a low net debt to EBITDA ratio and had contracted future revenues of $140 million. Star Bulk continued efforts to control costs and optimize operations.
Yahoo's Q1 2008 financial highlights presentation notes that the document discusses forward-looking statements about Yahoo's expected financial performance and strategic plans that are subject to risks and uncertainties, actual results may differ materially from predictions, and reported results should not be considered indicators of future performance. Potential risks include the results of Yahoo's strategic initiatives, competition, reductions in customer spending, demand for premium services, acceptance of new products and services, risks related to joint ventures and acquisitions, and risks related to international operations.
This document provides an overview of a proposed cost segregation study for a company's properties. A cost segregation study identifies personal property assets that are often grouped with real property for tax purposes. Reclassifying these assets allows the company to claim accelerated depreciation deductions, generating tax savings. The third party firm CSSI would perform the study by visiting sites, analyzing costs, and producing a report meeting IRS guidelines. This would reclassify assets like electrical, carpeting, and landscaping to shorter lives, providing estimated tax savings for the company over multiple years.
Cross Timbers Oil Company achieved record financial results in 2000, with total revenues of $600.8 million, income before taxes of $176.4 million, and earnings of $115.2 million. Daily production averaged 448,098 Mcfe, up 14% from 1999. Proved reserves grew 11% to 2.252 Tcfe at year-end 2000. The company aims to further increase production and reserves in 2001 while improving its strong financial position.
The document is a 2011 private equity reporting deck that provides an overview of private equity deals, exits, and funds. It includes statistics on total deal volume and value from 2006 to 2011, breakdowns of deals by type and sector, and trends in median/average deal size, exit types, and funds raised and launched. Key metrics and year-over-year comparisons are displayed in tables and charts.
This annual report summarizes Amgen's performance in 2000 and outlines goals for the future. Key points include:
- Amgen achieved strong financial results in 2000 and aims to more than double revenues and products on the market in the next five years.
- Goals for the future include launching new products like ARANESP beginning in 2001, expanding R&D capabilities and the product pipeline, and strengthening the organization.
- Four new products could launch in the next 18 months - ARANESP, anakinra, abarelix-depot, and SD/01. R&D spending will increase to nearly $1 billion in 2001 to support pipeline growth.
This document is Jacobs' 2001 annual report. It summarizes that in 2001 Jacobs set new records for revenue ($4 billion) and net income ($87.8 million). It also achieved a backlog of $5.9 billion, an increase of $500 million over 2000. The report discusses Jacobs' strategic acquisitions that expanded its international operations in Europe and Canada. It emphasizes Jacobs' commitment to safety and high client satisfaction. Finally, it expresses confidence that Jacobs' business model and core values will allow it to continue prospering in an uncertain economic climate.
Mohawk Industries is one of the world's leading flooring companies. It produces a full line of flooring products including carpet, rugs, ceramic tile, laminate, stone, wood, resilient and carpet cushion. In 2007, Mohawk acquired Columbia Flooring and its hardwood flooring plants, expanding Mohawk's capabilities in that category. While the US flooring industry faced challenges in 2007 from a slowing housing market, high material costs and energy prices, Mohawk delivered solid financial results including $7.6 billion in net sales and $706.8 million in net earnings through its diverse product portfolio and business segments. Mohawk continued investing in its brands and production capabilities to position itself for long-term growth despite
Mohawk Industries is one of the world's leading flooring companies. It produces a full line of flooring products including carpet, rugs, ceramic tile, laminate, stone, wood, resilient and carpet cushion. In 2007, Mohawk acquired Columbia Flooring and its hardwood flooring plants, expanding Mohawk's capabilities in that category. While the US flooring industry faced challenges in 2007 from a slowing housing market, high material costs and energy prices, Mohawk delivered solid financial results including $7.6 billion in net sales and $706.8 million in net earnings through its diverse product portfolio and operations in both North America and Europe. Mohawk aims to maintain investments in its brands and pursue further expansion opportunities
XTO Energy had a successful 2001, exceeding expectations with record cash flow of $4.49 per share, daily gas production growth of 21%, and proved reserves growth of 19% to 2.68 trillion cubic feet equivalent. The company deployed $395 million in development expenditures to grow production and reserves organically while also acquiring new properties. XTO Energy is well positioned for continued growth and strong returns in 2002 with over 1.5 trillion cubic feet equivalent of potential future reserves and a visible path to exceptional growth.
Allstate operates a Property-Liability business and a Allstate Financial business. The Property-Liability business saw a decrease in operating income to $1.05 billion due to higher claims expenses, lower investment income, and higher restructuring costs, partially offset by higher premiums and lower catastrophe losses. Net income for Allstate's overall business declined to $1.16 billion due to realized capital losses compared to gains the previous year and the decrease in operating income. Revenues declined slightly to $28.87 billion due to realized capital losses, though this was offset by increased premiums and investment income.
Arrow Electronics had a record year in 2006 with $13.6 billion in sales, a nearly 22% increase over 2005. Some key highlights included operating income increasing nearly 27% to $622 million and net income per share of $2.92 compared to $2.18 in 2005. The company continued to expand its global electronic components and enterprise computing solutions businesses.
The document summarizes the company's annual report for 2001. It discusses how the company transformed its operations to create more value for customers and shareholders during a difficult economic period. Key points of the transformation included strengthening core businesses, driving lean manufacturing, forming new partnerships, introducing new products and services, and developing new skills. The summary also highlights challenges faced like reduced sales and losses, but notes the company was still able to generate cash flow and reduce debt through aggressive cost-cutting measures.
- Fluor completed strategic actions in 2001 to exit from non-core businesses and refocus fully on its core competencies of engineering, procurement, construction and maintenance. This allowed Fluor to concentrate resources on increasing opportunities in these areas.
- Earnings from continuing operations increased 23% to $143.0 million in 2001, despite difficult market conditions, indicating Fluor is achieving its goal of sustainable long-term earnings growth.
- While Fluor's stock price experienced volatility in 2001, the company remains well positioned for future growth due to its leading capabilities and experience, strong financial position, and expectation that the market for its services is in an early upcycle that will continue for 3-5 years.
1) Cross Timbers Oil Company reported strong financial and operational results in 1999, including record production, increased proved reserves, and higher cash flow.
2) The company acquired nearly 500 billion cubic feet equivalent of reserves in the Arkoma Basin, establishing a new core area.
3) Cross Timbers also conducted property sales totaling $258 million, using proceeds to reduce debt and fund acquisitions like the Arkoma Basin properties.
4) The company executed its most aggressive development program in history in 1999, adding over 800 billion cubic feet equivalent of reserves at a cost of $0.70 per thousand cubic feet equivalent.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Teton Valley Recycling, Llc Financial PlanScot Acocks
This document contains a financial plan for Teton Valley Recycling (TVR) LLC. It outlines startup expenses totaling $12,950 which will be funded by $2,000 in cash and $11,500 in long-term liabilities. Sales are projected to grow from $55,800 in FY2010 to $111,598 in FY2011 to $223,196 in FY2012. Payroll is expected to increase from $14,106 in FY2010 to $39,308 in FY2011 to $86,544 in FY2012 as the business grows.
Google Q4 2012 Quarterly Earnings SummaryKit Seeborg
The document summarizes Google's financial results for Q4 2012. It reports that Google's consolidated revenues grew 36% year-over-year and 8% quarter-over-quarter to $14.4 billion. It also discusses strong revenue growth and cash flow. The document provides details on revenue sources and breakdowns between US vs international revenues. It includes charts showing revenue trends over time and costs like traffic acquisition costs.
Yum! Brands had a very successful financial year in 2002, with revenue growth of 12% and ongoing operating earnings per share growth of 19%. A key driver of growth was the company's international business, where ongoing operating profits grew 22% and over 1,000 new restaurants were opened. Looking ahead, Yum! Brands plans to double its number of international restaurants in the next 8-10 years. Additionally, the company sees potential to expand in the US through its strategy of "multibranding", which involves offering multiple brands like KFC, Taco Bell, and Pizza Hut under the same roof. This allows Yum! to drive higher sales and pursue new market opportunities. The goal is to remodel
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
презентация для инвесторов, апрель 2011evraz_company
This document provides an overview of Evraz Group, a large global steel and mining company, for the years 2009-2010. Some key points:
- In 2010, Evraz produced 16.3 million tons of crude steel and sold 15.5 million tons of rolled products, with revenue of $13.4 billion and EBITDA of $2.4 billion.
- Revenue and earnings grew significantly from 2009 as a result of strong market recovery and increases in both steel product prices and volumes sold.
- While steel products remain the largest source of revenue, the mining segment contributed more to EBITDA due to relatively higher growth in iron ore and metallurgical coal prices.
PPG Industries reported financial results for the third quarter and first nine months of 2007. Net sales increased 13% to $2.8 billion for the quarter compared to the prior year. Income from continuing operations increased significantly to $215 million for the quarter from $70 million in the prior year. For the first nine months, net sales increased 13% to $8.3 billion and income from continuing operations increased 24% to $622 million compared to the same period in 2006.
Star Bulk reported financial results for the third quarter and nine months of 2012. Revenues declined compared to the same periods in 2011 due to lower charter rates. The company reported a large net loss for the third quarter and nine months of 2012 due to non-cash items. Excluding these items, adjusted earnings were lower but the company had positive adjusted EBITDA. The company maintained a low net debt to EBITDA ratio and had contracted future revenues of $140 million. Star Bulk continued efforts to control costs and optimize operations.
Yahoo's Q1 2008 financial highlights presentation notes that the document discusses forward-looking statements about Yahoo's expected financial performance and strategic plans that are subject to risks and uncertainties, actual results may differ materially from predictions, and reported results should not be considered indicators of future performance. Potential risks include the results of Yahoo's strategic initiatives, competition, reductions in customer spending, demand for premium services, acceptance of new products and services, risks related to joint ventures and acquisitions, and risks related to international operations.
This document provides an overview of a proposed cost segregation study for a company's properties. A cost segregation study identifies personal property assets that are often grouped with real property for tax purposes. Reclassifying these assets allows the company to claim accelerated depreciation deductions, generating tax savings. The third party firm CSSI would perform the study by visiting sites, analyzing costs, and producing a report meeting IRS guidelines. This would reclassify assets like electrical, carpeting, and landscaping to shorter lives, providing estimated tax savings for the company over multiple years.
Cross Timbers Oil Company achieved record financial results in 2000, with total revenues of $600.8 million, income before taxes of $176.4 million, and earnings of $115.2 million. Daily production averaged 448,098 Mcfe, up 14% from 1999. Proved reserves grew 11% to 2.252 Tcfe at year-end 2000. The company aims to further increase production and reserves in 2001 while improving its strong financial position.
The document is a 2011 private equity reporting deck that provides an overview of private equity deals, exits, and funds. It includes statistics on total deal volume and value from 2006 to 2011, breakdowns of deals by type and sector, and trends in median/average deal size, exit types, and funds raised and launched. Key metrics and year-over-year comparisons are displayed in tables and charts.
This annual report summarizes Amgen's performance in 2000 and outlines goals for the future. Key points include:
- Amgen achieved strong financial results in 2000 and aims to more than double revenues and products on the market in the next five years.
- Goals for the future include launching new products like ARANESP beginning in 2001, expanding R&D capabilities and the product pipeline, and strengthening the organization.
- Four new products could launch in the next 18 months - ARANESP, anakinra, abarelix-depot, and SD/01. R&D spending will increase to nearly $1 billion in 2001 to support pipeline growth.
This document is Jacobs' 2001 annual report. It summarizes that in 2001 Jacobs set new records for revenue ($4 billion) and net income ($87.8 million). It also achieved a backlog of $5.9 billion, an increase of $500 million over 2000. The report discusses Jacobs' strategic acquisitions that expanded its international operations in Europe and Canada. It emphasizes Jacobs' commitment to safety and high client satisfaction. Finally, it expresses confidence that Jacobs' business model and core values will allow it to continue prospering in an uncertain economic climate.
Mohawk Industries is one of the world's leading flooring companies. It produces a full line of flooring products including carpet, rugs, ceramic tile, laminate, stone, wood, resilient and carpet cushion. In 2007, Mohawk acquired Columbia Flooring and its hardwood flooring plants, expanding Mohawk's capabilities in that category. While the US flooring industry faced challenges in 2007 from a slowing housing market, high material costs and energy prices, Mohawk delivered solid financial results including $7.6 billion in net sales and $706.8 million in net earnings through its diverse product portfolio and business segments. Mohawk continued investing in its brands and production capabilities to position itself for long-term growth despite
Mohawk Industries is one of the world's leading flooring companies. It produces a full line of flooring products including carpet, rugs, ceramic tile, laminate, stone, wood, resilient and carpet cushion. In 2007, Mohawk acquired Columbia Flooring and its hardwood flooring plants, expanding Mohawk's capabilities in that category. While the US flooring industry faced challenges in 2007 from a slowing housing market, high material costs and energy prices, Mohawk delivered solid financial results including $7.6 billion in net sales and $706.8 million in net earnings through its diverse product portfolio and operations in both North America and Europe. Mohawk aims to maintain investments in its brands and pursue further expansion opportunities
XTO Energy had a successful 2001, exceeding expectations with record cash flow of $4.49 per share, daily gas production growth of 21%, and proved reserves growth of 19% to 2.68 trillion cubic feet equivalent. The company deployed $395 million in development expenditures to grow production and reserves organically while also acquiring new properties. XTO Energy is well positioned for continued growth and strong returns in 2002 with over 1.5 trillion cubic feet equivalent of potential future reserves and a visible path to exceptional growth.
Allstate operates a Property-Liability business and a Allstate Financial business. The Property-Liability business saw a decrease in operating income to $1.05 billion due to higher claims expenses, lower investment income, and higher restructuring costs, partially offset by higher premiums and lower catastrophe losses. Net income for Allstate's overall business declined to $1.16 billion due to realized capital losses compared to gains the previous year and the decrease in operating income. Revenues declined slightly to $28.87 billion due to realized capital losses, though this was offset by increased premiums and investment income.
Arrow Electronics had a record year in 2006 with $13.6 billion in sales, a nearly 22% increase over 2005. Some key highlights included operating income increasing nearly 27% to $622 million and net income per share of $2.92 compared to $2.18 in 2005. The company continued to expand its global electronic components and enterprise computing solutions businesses.
The document summarizes the company's annual report for 2001. It discusses how the company transformed its operations to create more value for customers and shareholders during a difficult economic period. Key points of the transformation included strengthening core businesses, driving lean manufacturing, forming new partnerships, introducing new products and services, and developing new skills. The summary also highlights challenges faced like reduced sales and losses, but notes the company was still able to generate cash flow and reduce debt through aggressive cost-cutting measures.
- Fluor completed strategic actions in 2001 to exit from non-core businesses and refocus fully on its core competencies of engineering, procurement, construction and maintenance. This allowed Fluor to concentrate resources on increasing opportunities in these areas.
- Earnings from continuing operations increased 23% to $143.0 million in 2001, despite difficult market conditions, indicating Fluor is achieving its goal of sustainable long-term earnings growth.
- While Fluor's stock price experienced volatility in 2001, the company remains well positioned for future growth due to its leading capabilities and experience, strong financial position, and expectation that the market for its services is in an early upcycle that will continue for 3-5 years.
1) Cross Timbers Oil Company reported strong financial and operational results in 1999, including record production, increased proved reserves, and higher cash flow.
2) The company acquired nearly 500 billion cubic feet equivalent of reserves in the Arkoma Basin, establishing a new core area.
3) Cross Timbers also conducted property sales totaling $258 million, using proceeds to reduce debt and fund acquisitions like the Arkoma Basin properties.
4) The company executed its most aggressive development program in history in 1999, adding over 800 billion cubic feet equivalent of reserves at a cost of $0.70 per thousand cubic feet equivalent.
This document provides reconciliations of non-GAAP financial measures for Monsanto for fiscal years 2012, 2008 and 2007. It reconciles free cash flow projections for 2012 and 2008, and reports free cash flow for 2007. It also reconciles return on capital calculations for years 2007 through 2003, adjusting operating profit after tax for certain non-recurring items to determine return on capital, which measures how efficiently the company uses its capital.
This document contains the minutes from Potlatch Corporation's first quarter 2009 conference call held on April 28, 2009 in Spokane, Washington. It includes an overview of financial results for the first quarter of 2009 compared to the fourth quarter of 2008 and first quarter of 2008. Key highlights include earnings from continuing operations of $28.8 million for the quarter, compared to $5.8 million in the previous quarter and $23.3 million in the first quarter of 2008. The document also provides details on operating results, pricing and sales volumes for Potlatch's resource, real estate and wood products segments.
This document provides an overview and summary of key financial information for Big Lots for fiscal year 2003. It includes selected financial data such as net sales, costs of sales, gross profit, selling and administrative expenses, operating profit, interest expense/income, income before taxes, tax expense, net income, earnings per share, balance sheet information, and store count data for fiscal years 2004, 2003, 2002, 2001, and 2000. It also provides a cautionary statement about forward-looking statements and an overview of Big Lots' business operations and seasonal fluctuations.
This document provides financial highlights and operating results for Illinois Tool Works Inc. for the years 1997-1999. It summarizes key financial metrics including operating revenues, operating income, income from continuing operations, and cash dividends paid. Operating revenues grew 11% to $9.33 billion in 1999. Operating income rose 14% to $1.49 billion. Income from continuing operations increased 13% to $911.9 million. Cash dividends paid per share grew 22% to $0.61. The company achieved record financial results in 1999 due to strong performances across many of its business segments.
This document provides financial highlights and operating results for Illinois Tool Works Inc. for the years 1999, 1998 and 1997. Some key details include:
- Operating revenues increased 11% to $9.33 billion in 1999. Operating income grew 14% to $1.49 billion. Income from continuing operations rose 13% to $912 million.
- All business segments experienced growth in revenues and operating income from 1998 to 1999, with the exception of a 1% decline in operating income for the Specialty Systems - International segment.
- Per share earnings for income from continuing operations increased 13% to $3.04 basic and 12% to $2.99 diluted over the prior year. Cash dividends paid per
This document provides interim consolidated financial statements for Pacific Coast Nickel Corp. for the period ended January 31, 2010. It includes the consolidated balance sheets, statements of operations and comprehensive loss, statements of cash flows, and notes to the financial statements. The balance sheet shows total assets of $1,980,145 including cash of $767,998 and mineral properties of $1,040,904. Total liabilities were $35,386 and shareholders' equity was $1,944,759. The statements of operations show a net loss of $71,678 for the three months ended January 31, 2010 and $141,400 for the six months then ended.
The audited financial statements are for Spider Resources Inc. for the years ending December 31, 2009 and 2008. The auditors issued an unqualified opinion stating the financial statements fairly represent the financial position of the company.
Net losses for 2009 and 2008 were $748,277 and $716,861 respectively, with a cumulative deficit from inception of $16,949,367. Cash decreased from $3,205,855 in 2008 to $2,716,778 in 2009.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document is El Paso Corporation's 2008 annual report which summarizes the company's financial and operating highlights for 2008. It discusses declines in operating income and earnings compared to previous years due to a $2.7 billion non-cash ceiling test charge in its Exploration & Production segment. However, it notes the Pipeline segment placed seven growth projects into service and increased its backlog of committed growth projects to $8 billion. The report provides an overview of accomplishments in 2008 and challenges faced by the company in a difficult market environment.
el paso 160DAEF8-9761-4AE9-925F-15301F29A4B9_2008_Summary_Reportfinance49
This document summarizes the financial and operating highlights for El Paso Corporation for the years 2008, 2007, and 2006. Some key points include:
- In 2008, El Paso reported a net loss of $860 million compared to net income of $1.073 billion in 2007. Operating revenues were $5.363 billion in 2008.
- Significant non-cash charges in 2008 included $2.7 billion in ceiling test charges for its Exploration & Production segment and a $125 million impairment related to its investment in Four Star.
- Pipeline throughput volumes across El Paso's owned and equity systems increased slightly from 2007 to 2008 but were up overall from 2006 levels. Exploration and production of natural gas declined slightly from
Western Digital's revenue in Q1 FY2005 was $824 million. 59% of revenue came from OEM customers, 35% from distributors, and 6% from retailers. Geographically, 40% of revenue was from the Americas, 30% from Europe, and 30% from Asia. Worldwide headcount increased to 20,760 employees. Total inventory was $144 million with inventory turns of 20 times.
Western Digital reported revenue of $955 million for Q2 FY2005, up 16% from Q2 FY2004. 58% of revenue came from OEM customers and 35% from distributors. Geographically, 38% of revenue was from the Americas, 32% from Europe, and 30% from Asia. Hard drive unit shipments increased by 16% to 16.2 million units while worldwide headcount grew slightly to 21,565. Total inventory fell to $118 million while inventory turns improved to 27 times.
Western Digital reported Q3 FY2005 revenue of $920 million, with 56% from OEM customers, 37% from distributors, and 7% from retail. Revenue was highest in Asia at 34% of the total, followed by Americas at 36% and Europe at 30%. The number of hard drive units shipped was 15.3 million, with worldwide headcount growing to 22,426. Inventory levels increased to $136 million, with inventory turns at 22.
Western Digital reported Q4 FY2005 revenue of $940 million. 57% of revenue came from OEM customers, 38% from distributors, and 5% from retail. 37% of revenue was from the Americas, 25% from Europe, and 37% from Asia. 48% of revenue came from the top 10 largest customers. Hard drive unit shipments reached 15.8 million for the quarter. Worldwide headcount increased to 23,161 employees. Inventory levels increased to $153 million with inventory turns at 20 times.
Western Digital's revenue in Q1 FY2006 was $1.01 billion, up from $824 million in Q1 FY2005. 55% of revenue came from OEM customers, 39% from distributors, and 6% from retail. Geographically, 36% of revenue was from the Americas, 29% from Europe, and 35% from Asia. Worldwide headcount increased to 24,211 from 20,760 in Q1 FY2005. Total inventory, net increased to $173 million from $144 million in Q1 FY2005.
Western Digital reported revenue of $1.117 billion for Q2 FY2006, up 11% from the same period last year. Approximately 56% of revenue came from OEM customers and 39% from distributors. Geographically, revenue declined in the Americas to 32% while rising in Europe to 34% and remaining flat in Asia at 34%. Inventory levels increased to $168 million but inventory turns improved to 21 turns.
Western Digital Corporation's Q3 FY2006 financial results show that hard drive unit shipments increased to 18.8 million, revenue was $1.129 billion with an average selling price of $60 per unit, and gross margin was 19.3%. Revenue was split 53% from OEMs, 40% from distributors, and 7% from retail, with the largest geographic regions being the Americas at 39%, Europe at 27%, and Asia at 34%. Cash flow from operations was $119 million.
Western Digital Corporation reported its financial results for the fourth quarter of fiscal year 2006, with total revenue of $1.086 billion. The average selling price of hard drives declined to $56 per unit from $60 in the previous quarter. Gross margin was 18.8% and cash flow from operations was $126 million. Worldwide headcount increased to 24,750 employees. Total inventory increased to $205 million while inventory turns declined to 17 turns.
Western Digital reported higher unit shipments and revenue in Q1 FY2007 compared to the same quarter last year. Revenue increased by $254 million to $1.264 billion due to a 22% increase in hard drive unit shipments. Gross margin declined slightly to 17.3% and revenue from OEM customers decreased to 52% of total revenue. Cash flow from operations was $128 million and inventory levels increased by $11 million from the previous quarter to $216 million.
Western Digital reported increased revenue and unit shipments in Q2 FY2007 compared to the same period last year. Revenue grew 28% to $1.428 billion while unit shipments increased 36% to 24.5 million units. Gross margin improved slightly to 17.9% and worldwide headcount grew 9% to over 27,000 employees. Inventories also increased due to higher finished goods and work in process levels.
Western Digital reported its Q3 FY2007 financial results. While unit shipments remained steady at 24.5 million, revenue declined slightly to $1.41 billion. Gross margins decreased to 15.8% due to pricing pressures. Cash flow from operations was $164 million. Inventory levels increased but inventory turns improved to 20 times.
Western Digital Corporation's Q4 FY2007 investor information summary shows that the company's hard drive unit shipments increased slightly compared to Q3 FY2007, but revenue and average selling price declined. Gross margin also decreased from the prior quarter. The company's largest customers - representing 48% of revenue - continued to be OEMs, distributors, and retailers. Cash flow from operations and inventory levels increased from Q3 FY2007.
Western Digital reported higher revenue and unit shipments in Q1 FY2008 compared to the same period last year. Revenue increased 40% to $1.77 billion driven by a 7% increase in average selling price and 29% more hard drive units shipped. Gross margin improved to 18.3% from 17.3% a year ago. Total inventory increased significantly to support future demand, leading to lower inventory turns. Capital expenditures also increased substantially to $163 million to expand production capacity.
Western Digital reported revenue of $2.2 billion for Q2 FY2008, a 25% increase from the previous quarter. Gross margins improved to 23.3% as average selling prices increased to $61 per hard drive unit. Inventory levels remained steady at $459 million while inventory turns improved to 15 times. Worldwide headcount grew modestly to 42,534 employees.
Western Digital Corporation provides a quarterly investor information summary including key metrics such as hard drive unit shipments, revenue, average selling prices, gross margins, revenue by channel and geography, cash flow from operations, inventory levels, and number of employees. For the third quarter of fiscal year 2008, the company shipped 34.5 million hard drive units, generated $2.11 billion in revenue, and had a gross margin of 22.6%.
Western Digital reported revenue of $1.993 billion in Q4 FY2008, down from $2.111 billion in the previous quarter. Their average hard drive selling price was $56 and gross margin was 21.3%. Over half of revenue came from OEM customers, while Asia accounted for 46% of geographic revenue. Total inventory was $456 million with inventory turns of 14 times.
Western Digital reported revenue of $2.1 billion for Q1 FY2009, up slightly from the previous year. Average selling prices for hard drives declined to $53 per unit from $56 in the previous quarter. Gross margins decreased to 20.1% as production costs increased. Revenue from Asia grew and now makes up 48% of total revenue, while the Americas saw a decline to 23% of revenue. The company's workforce grew to 51,409 employees worldwide.
Western Digital reported Q2 FY2009 revenue of $1.823 billion, down 15% from the previous year. Revenue from OEM customers was 57% of total, down from 48% the previous year. The Asia region accounted for 48% of revenue, up from 36% the previous year. Gross margin declined to 15.9% from 23.3% the previous year. Cash flow from operations was $300 million and days sales outstanding was 46 days.
Western Digital Corporation is a leading manufacturer of hard disk drives. In fiscal year 1995, the company achieved record revenues and earnings despite intense competition. It gained market share in hard drives, improved its financial position, and received an ISO 9001 quality certification. Looking forward, Western Digital is expanding its hard drive production capacity and entering new high-performance, high-capacity hard drive markets. It aims to take advantage of growth opportunities through investment in research and development.
Western Digital Corporation is a leading manufacturer of hard drives. In 1996, the company reported record revenues and unit shipments, gained market share, and introduced new enterprise hard drives. Despite significant investments, Western Digital remains debt-free with strong cash flow and financial position. The company expects continued growth in the hard drive market and is well-positioned with efficient operations and quality products to capitalize on opportunities.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Introduction to Metro in India by cosmo soil.pptxcosmo-soil
The metro system in India is a vital part of urban mobility, providing eco-friendly, efficient, and affordable transportation. This article explores its history, benefits, and future developments, highlighting how metros enhance quality of life and drive urban development.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
Vadhavan Port Development _ What to Expect In and Beyond (1).pdfjohnson100mee
The Vadhavan Port Development is poised to be one of the most significant infrastructure projects in India's maritime history. This deep-sea port, located in Maharashtra, promises to transform the region's economic landscape, bolster India's trade capabilities, and generate a plethora of employment opportunities. In this blog, we will delve into the various facets of the Vadhavan Port Development: what to expect in and beyond its completion, and how it stands to influence the future of India's maritime and economic sectors.
ITES KPO BPO IT sector in the country has increased at an incredible rate o...yashwanthkumar517728
ites KPO and BPO,IT sector in the country has increased at an incredible rate of 35% per year for the last 10 years reinforces the view that India is world class in IT
The IT sector is one of the largest employers of women, and therefore, can play a crucial role in women empowerment and the reduction of gender inequalities.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
2. COMPANY PROFILE
Cross Timbers Oil Company, established in 1986, is engaged in
the acquisition, exploitation and development of quality, long-
lived producing oil and gas properties. Since going public in 1993,
Cross Timbers has grown value per share at greater than 30%
annual compounded growth rates. Cross Timbers operates 81% of
its properties, which are concentrated in Texas, Oklahoma,
Kansas, Wyoming and New Mexico. The Company completed its
initial public offering in May 1993 and is listed on the New York
Stock Exchange under the symbol “XTO.” It also created the
Cross Timbers Royalty Trust (“CRT” traded on the NYSE) which
went public in 1992.
On the Cover
“Homesteaders”
In the late 1880s, public land was made available in the
Cherokee Strip west of Enid in northwestern Oklahoma. The
“Oklahoma Land Rush” attracted settlers and immigrants seeking
a new life out West.
About the Report
The history of the petroleum industry in the United States is
interwoven into the history of frontier settlement. Even before the
Indian encampments had faded from the landscape of America’s
plains, many states had already begun producing oil. The pioneers
who settled the land and those who produce its oil and gas
resources share certain entrepreneurial characteristics: indepen-
dence, optimism and a willingness to take risks.
The rich and colorful history of the frontier is part of the
culture in areas where Cross Timbers Oil Company is active today.
The scenes depicted in this report are the work of actor-artist
Buck Taylor, whose paintings reflect the spirit of individualism
and self-reliance common to those who settled the West.
(See inside back cover.)
CONTENTS
To Our Shareholders . . . . . . . . 2
Operations Review . . . . . . . . . . 4
Selected Financial Data . . . . . 16
Management’s Discussion
and Analysis . . . . . . . . . . . . . . 17
Financial Statements . . . . . . . 23
Corporate Information . . . . . . 38
3. FINANCIAL HIGHLIGHTS
1996 1995 1994
In thousands except production, per share and per unit data
Financial
$00161,391
Total revenues $0112,905 $0096,275
$00030,973 $ 0(17,019)(a)
Income (loss) before income tax and extraordinary item $0004,778
$00019,790 $ 0(10,538)(a)
Earnings (loss) available to common stock $0003,048
$000000.74 $ 000(0.42)(a)
Per common share (b) $00000.13
$00068,263
Operating cash flow (c) $0040,439 $0037,816
$00523,070
Total assets $0402,675 $0292,451
Long-term debt
$00285,000)(d)
Senior $0172,000 $0068,000
$00029,757)(e)
Convertible subordinated notes $0066,475 $0074,750
$00142,668)(e)
Total stockholders’ equity $0130,700 $0113,333
25,631)(e)
Common shares outstanding at year-end (b) 27,577 23,887
Production
Daily production
9,584
Oil (Bbls) 9,677 9,497
101,845
Gas (Mcf) 78,408 58,182
26,558
BOE 22,745 19,194
Average price
$000021.38
Oil (per Bbl) $00017.09 $00015.38
$000001.97
Gas (per Mcf) $00001.42 $00001.81
Proved Reserves
42,440
Oil (Bbls) 39,988 33,581
540,538
Gas (Mcf) 358,070 177,061
132,530
BOE 99,666 63,091
Abbreviations
Bbl barrel
Mcf thousand cubic feet
BOE barrels of oil equivalent (six Mcf equal one Bbl)
(a) Includes effect of a $20.3 million pre-tax, non-cash impairment charge recorded upon adoption of Statement of Financial Accounting Standards No. 121.
(b) Adjusted for the three-for-two stock split effected on March 19, 1997.
(c) Cash provided by operating activities before changes in working capital.
(d) On April 2, 1997, the Company sold $125 million of senior subordinated notes. Net proceeds of $121.1 million were used to reduce senior debt.
(e) In January 1997, $29.7 million principal amount of the convertible subordinated notes was converted into 1,928,242 shares of common stock, after the adjustment in (b) above.
Total Revenues Proved Reserves
Daily BOE Production
Operating Cash Flow
(in thousands)
(in millions of dollars) (in millions of BOE)
(in millions of dollars)
30
175 70 140
150 60 120
25
100
125 50
20
100 40 80
15
75 30 60
10
40
50 20
5
25 10 20
0 0
0
0
1993 1994 1995 1996 1993 1994 1995 1996
1993 1994 1995 1996
1993 1994 1995 1996
1
4. TO OUR SHAREHOLDERS
During 1996 Cross Timbers again The Permian Basin properties are Kansas and Texas for $39.5 million from
posted record results: located in the Northern Val Verde area. a subsidiary of Burlington Resources Inc.
They are primarily operated interests in The transaction is effective April 1, 1997
B Record total revenues – $161.4
the Henderson, Ozona and Davidson and should close in May 1997.
million – up 43% from 1995;
Ranch fields of Crockett County, Texas. The properties are primarily operated
B Record earnings available to
Cross Timbers’ internal engineers interests concentrated in northwestern
common stock – $19.8 million
($.74 per share); estimate proved reserves attributable to Oklahoma and the panhandle areas of
the Val Verde Basin acquisition to be Oklahoma and Texas and in southwestern
B Record operating cash flow – $68.3
million – up 69% from 1995; 36 billion cubic feet of natural gas and Kansas. Cross Timbers’ internal engineers
280,000 barrels of oil. estimate proved reserves attributable to
B Record natural gas production –
101,845 Mcf per day – up 30% the acquisition to be 36.5 billion cubic
from 1995; feet equivalent of natural gas, of which
Since we went public in
B Record proved reserves – 132.5 more than 97% is gas.
1993 we’ve grown reserves
million BOE – up 33% from 1995; Approximately 30% of the purchase
per share by 32% annually
B Record present value (before income price is attributable to 124 square miles
taxes) of reserves – $946 million. and cash flow per share by (79,500 net acres) of undeveloped acreage
primarily located in Texas County,
26% while keeping debt
Since we went public in 1993 we’ve
Oklahoma. More than 71,000 of the
grown reserves per share by 32% annually
around $2.20 per BOE.
undeveloped acres purchased are for
and cash flow per share by 26% while
deep rights below Cross Timbers’
keeping debt around $2.20 per BOE.
This acquisition expands our reserve existing Texas County Hugoton Chase
Our goal at that time was to double
base in the Val Verde Basin. Our engi- production.
value per share by 1998. That goal has
neers have already identified 60 locations Additionally, in the area of portfolio
been achieved ahead of schedule and
for additional development, 32 of which management, the Company has entered
replaced by more aggressive goals for
we plan to drill during 1997. We believe into definitive agreements to sell non-
1997 (see adjacent graph).
there is additional upside through further strategic producing properties aggregat-
In May 1996 we announced our plans
infill and step-out drilling. ing approximately $15 million. Closings
for 1997:
The Green River Basin properties on these sales are expected during the
B Increase reserves to 5.4 BOE
were purchased in two transactions dur- second quarter of 1997.
per share – 4.8 at year-end 1996
ing 1996. As a result of these acquisi-
(split adjusted); 1996 DEVELOPMENT
tions, Cross Timbers now operates the
B Increase cash flow to $3.67 The Company drilled 100 wells and
Fontenelle Unit with a 97% working
per share – $2.57 for 1996 completed 125 workovers during 1996.
(split adjusted); interest, and owns interests in the nearby Drilling was balanced between oil and
Nitchie Gulch and Pine Canyon fields.
B Maintain debt at $2.20 per BOE – gas wells with a success rate of 97%.
$2.17 at year-end 1996. Proved reserves attributable to the Development of oil reserves on the
acquisitions in the Green River Basin are
With our growth in reserves and Prentice Northeast Unit in West Texas
estimated to be 118 billion cubic feet of
production to date, we are confident that and the Southeast Maljamar Unit in
natural gas. Since assuming operations of
we will achieve these goals assuming our southeastern New Mexico has been
the Fontenelle Unit, Cross Timbers has
1997 prices average $20.00 per barrel of particularly successful with initial pro-
drilled 10 wells that are in various stages
oil and $2.00 per thousand cubic feet duction rates per well averaging 100 and
of completion. Production is up 30%
of gas. 40 barrels of oil per day, respectively.
from the time of acquisition as a result of Based upon this success, we increased the
ACQUISITIONS
this development. Twenty wells are number of wells drilled in these units
During 1996 Cross Timbers acquired
planned for 1997 with as many as 50 during 1996 to 28 wells in the Prentice
more than $100 million in producing
additional wells to be drilled in the Unit Northeast Unit, up from the original
properties, establishing two new core
during the next several years. budget for 10 wells, and 11 wells in the
areas – the Green River Basin in south-
In March 1997 Cross Timbers agreed Southeast Maljamar Unit, up from
western Wyoming and the Ozona Area of
to acquire producing properties and five wells.
the Permian Basin in West Texas.
undeveloped acreage in Oklahoma,
2
5. Value Creation
1997 CAPITAL BUDGET for up to three million common shares
(split adjusted). Through year-end, two
Cross Timbers has set its 1997 capital
5
million shares had been repurchased at a
budget at $120 million. The budget
4.8
cost of about $30 million. This program
includes $70 million for the Company’s 4
has since been completed and an addi-
ongoing development program and $50 3.6
tional two million share program has
million for acquisitions. We’ve already 3
2.7 been authorized.
2.1
made or committed to make 1997
$2.27 $2.26 2
$2.17
$2.11 Through the placement of $125
acquisitions totaling $52 million. These
million in Senior Subordinated Notes
expenditures are expected to be funded 1
previously discussed, Cross Timbers has
through internally generated sources,
substantially increased its financial flexi-
including cash flow and selective 0
1993 1994 1995* 1996**
bility. The note offering also locks in an
asset sales. BOE per share
attractive interest rate for 10 years and
It is likely that additional acquisition Debt per BOE
has, in general, less restrictive covenants
opportunities will be available during the * Including effect of Tyrone
sale/leaseback transaction
than bank debt.
remainder of 1997. In preparation for ** Pro forma with effect of
note conversion
these opportunities, the Company has SUMMARY
the Tubb Formation and plans to recom-
recently sold $125 million of 9.25% Cross Timbers is poised to achieve its
plete up to 22 wells and drill up to 20
Senior Subordinated Notes. Proceeds stated goals for 1997. This means that we
wells to the Tubb during 1997. Subject
were used to repay outstanding indebted- will have enjoyed cash flow growth
to drilling success, we have substantial
ness under the Company’s senior bank averaging more than 50% annually for
additional opportunities in this area.
credit facility. We expect more than $100 1996 and 1997.
Cross Timbers has acquired more
million to be available under the bank As we look toward 1998 and beyond,
than 8,700 net acres prospective in the
facility to fund future acquisitions. we believe that Cross Timbers has the
Cotton Valley Pinnacle Reef play, cur-
The Company plans to drill 173 wells quality, long-lived reserve base and the
rently the most exciting domestic explo-
in 1997, including 114 gas and 59 oil, technical and operating staff to continue
ration play. These wells produce at initial
and plans 80 workover/recompletion increasing value per share by more than
rates up to 50 million cubic feet per day
activities. Natural gas development will 25% annually. Continued achievement of
with estimated proved reserves up to 80
focus in the Fontenelle Unit in south- this extraordinary growth is only possible
billion cubic feet. Eleven reef anomalies
western Wyoming, the Ozona Area in through the effort and dedication of our
have been identified by 2-D seismic on
West Texas, both areas acquired in 1996, employees and the guidance of our direc-
Cross Timbers’ acreage and these will be
and in Major County, Oklahoma. tors. Our thanks to them and to you, our
further refined with the help of 3-D seis-
Oil drilling will continue the success- fellow shareholders, for your support.
mic. Because we have long-term leases,
ful development of the Company’s largest As in past years, we again state our
we can lessen our risk by allowing other
oil-producing property, the Prentice dedication to achieving exceptional
operators to test geologic concepts near
Northeast Unit in Terry County of West growth in shareholder value on a per
our acreage prior to our drilling.
Texas. Development will also be acceler- share basis. We are confident in our
ated in the University Block 9 Field, CAPITAL STRUCTURE ability to continue to deliver the results
where the Company recently increased its that you have come to expect.
During 1996 the Company called for
working interest to 100%. the redemption of its 51⁄4% Convertible
Approximately 10% to 20% of the Notes. The last were converted into com-
budget will be allocated to higher-risk mon stock in January 1997 and in total,
Bob R. Simpson
projects, including step-out development stockholders’ equity was increased by $57
Chairman and Chief Executive Officer
wells and exploratory drilling. The higher- million. We believe the preference of
risk activity will initially focus on two these noteholders to receive common
areas: the Tubb Formation in Lea County, stock instead of cash reflects an
New Mexico and the Cotton Valley optimistic outlook for Cross Timbers’ Steffen E. Palko
Pinnacle Reef play in East Texas. The stock price. Vice Chairman and President
Company has accumulated more than In May 1996 Cross Timbers
4,500 net acres that are prospective for April 15, 1997
announced a stock repurchase program
3
6. OPERATIONS REVIEW
1996 represented a year of accelerated attractive rates of return. Additionally, Rocky Mountains
activity for Cross Timbers and the energy exploratory projects, reflecting a slightly The Company invested $57 million
industry. Rising oil and gas prices and more aggressive management stance, now in natural gas properties in the Green
growing global oil demand – projected comprise 10% to 20% of our drilling River Basin of southwestern Wyoming.
to be at least 2% annually through the budget. As a result of these acquisitions, the
year 2000 – helped fur- Cross Timbers also maintained its Company now operates and owns more
Cross Timbers acquired ther revitalize the busi- practice of establishing a short-term than 97% of the Fontenelle Unit –
ness and to set a tone action plan and long-range strategy for including 100% of the related gathering
more than $100 million
for optimism, opportu- every well it operates, a unique commit- and compression facilities – and owns
of producing properties
nities and prosperity as ment for an independent of its size. Every both operated and non-operated interests
during 1996. New core
1997 began. well receives an extensive technical evalu- in the nearby Nitchie Gulch and Pine
operating areas were During 1996 Cross ation and is reviewed at least annually, Canyon fields.
established in both the Timbers expanded into from the field employee up through The Company’s proved reserves in the
two new core operating engineering to the Company president. Green River Basin are estimated to be
Green River Basin in
areas – the Green River 118 billion cubic feet of natural gas. Net
southwestern Wyoming
ACQUISITIONS
Basin of Wyoming and production from this area averages more
and the Ozona Area of the Ozona Area of the Cross Timbers acquired more than than 18.5 million cubic feet of gas per
the Permian Basin in Permian Basin in West $100 million of producing properties day, up about 30% as a result of
Texas – adding gather- during 1996. New core operating areas aggressive development subsequent to
West Texas, and our
ing and processing facil- were established in both the Green River acquisition of the properties.
existing franchises were
ities at the same time. Basin in southwestern
expanded in Oklahoma Our traditional phi- Wyoming and the
and Texas. losophy for adding value Ozona Area of the MAJOR
WYOMING
PRODUCING
to the Company and our Permian Basin in
Fontenelle
AREAS
Area
dedication to quality are unchanged: We West Texas, and our
buy producing properties with over- existing franchises
looked potential and concentrate our were expanded in
COLORADO
expertise and technological advancements Oklahoma and Texas. KANSAS
to develop projects that produce Hugoton Area
Major
County
Summary of Proved Reserves by Area Elk City
NEW OKLAHOMA
SEC Assumptions MEXICO
(in thousands)
Prentice N.E.
Oil Gas BOE Present Russell
Area (Bbls) (Mcf) BOE Value(a) Percent
University
Tubb Play
Permian Basin 31,274 77,655 44,217 $346,520 36.6% Block 9
Mid-Continent 8,512 165,334 36,068 306,730 32.4% TEXAS
Hugoton ,362 161,318 27,248 167,160 17.7%
Ozona Area
Rocky Mountain 1,673 127,554 22,932 107,269 11.3%
Other (b) ,619 8,677 2,065 18,471 2.0%
Total 42,440 540,538 132,530 $946,150 100.0%
(a) Before income tax
(b) Includes 16% ownership of Cross Timbers Royalty Trust
Abbreviations:
Bbl barrel
Mcf thousand cubic feet
BOE barrel of oil equivalent (six Mcf equal one Bbl)
4
7. “INDIANS OF THE GREAT PL AINS”
Astride the horse, the Plains Indians were
superb hunters and fierce warriors.
They were a nomadic people who depended
on the huge herds of buffalo that roamed
from Texas to Canada.
5
8. FONTENELLE FIELD
The acquisitions in the Green River
Frontier Sandstone
Depositional Model
Basin have proven to be particularly well
timed. The prices received for gas
Marsh
produced in the Rocky Mountain area
Tidal Chann
el
improved substantially since our Lagoon
purchase as a result of a significant nar-
Upper
Shorefa
rowing of the differential between Rocky ce
Barrier
Beach
Mountain prices and Henry Hub prices. Lower
Comple Shorefa
x ce
Four major pipeline projects stretching
from the Rockies to the Midwest are
Well locations for the 1997 drilling program are based on the depositional systems
scheduled to come on line in 1997 and
shown in this model.
1998, which could further alleviate price
differentials. correlate to the most productive wells. barrels of oil. Current net daily produc-
Cross Timbers acquired operations of By delineating the geometry of these tion averages 8.1 million cubic feet of gas
the Fontenelle Unit in late July and by facies, Cross Timbers will improve and 43 barrels of oil.
year-end had increased its ownership drilling results and economic benefits. Approximately two-thirds of the
interest to 97%. The field has 88 gross The Company drilled 10 Frontier reserves and value in these properties are
(85net) wells that produce from the wells during 1996 with initial flow rates from wells operated by the Company.
Frontier Formation on the Moxa Arch. averaging one million cubic feet per day. These properties are distinguished by
The field covers about 16,000 acres and is Proposed wells for 1997 were identified their high Btu content (1200 Btu/cubic
currently developed on 160-acre spacing. by mapping and identifying the trend of foot), low operating costs (about $0.30
The Frontier Formation is a geolog- the most productive sandstones. Many of per Mcf equivalent) and excellent devel-
ically complex, low-permeability sand- the proposed wells are in areas that can opment potential, including infill
stone. Because of the low permeability of extend productive areas of the field and drilling, field extension and delineation
the Frontier, upside potential exists add significant new drilling opportuni- drilling and the possibility of horizontal
through 80- and 40-acre infill drilling. ties in the future. Also, we plan to drilling in the Strawn Formation.
Cores and electric logs suggest the restimulate selected wells that were poorly Cross Timbers immediately examined
Frontier Formation includes an upper stimulated upon original completion. the operational efficiencies of the fields
shoreface and a tidal channel facies which and successfully reduced compression
Permian Basin costs in the Henderson Field by 25%.
OZONA AREA
In December 1996, the Additional gathering and compression
Crockett County,Texas
Company acquired properties system work is planned here for 1997 to
Upton Reagan Irion
located in the Ozona Area of further reduce our compression costs,
Crockett County
Schleicher
Central Basin the Permian Basin in Crockett which are currently more than 50% of
Platform
County, Texas for about $27.5 lease operating costs.
DAVIDSON
RANCH FIELD
million. These properties – 88 Budget plans for 1997 are to drill 32
OZONA
FIELD
gross (49.1 net) Company- wells, of which 16 are planned for the
SONORA
FIELD
operated wells and 124 gross Henderson (Canyon) Field and 16 are
Sutton
HENDERSON
(26.3 net) wells operated by planned for the Ozona (Canyon/Strawn)
FIELD
others – have estimated net Field. The proposed wells will be primar-
Val Verde
reserves of 36 billion cubic ily infill wells with spacing between 40
CTOC Properties feet of gas and 280 thousand and 160 acres.
6
9. “THE TRAIL HOME”
Cross Timbers Oil Company is headquartered in
Fort Worth, Texas, whose Stockyards
at one time were the largest in the country.
Not only were herds of cattle taken to market in
“Cowtown,” but large remudas (herds of saddle horses)
and mules were sold to the cowboys
for their daily chores.
7
10. Mid-Continent cess in these areas, we increased the num- many as 20 wells to the Tubb Formation
ber of wells drilled in these units during during 1997. Subject to drilling success,
Cross Timbers continues to make
1996 from those originally budgeted. the Company has substantial additional
strategic acquisitions in its core operating
Development of gas reserves centered opportunities in this area.
areas. The Company expects to close in
on the Major County, Oklahoma area The Cotton Valley Pinnacle Reef
May 1997 on a $39.5 million acquisition
(36 wells), the Green River Basin in wells are highly prolific, producing at
of producing properties and undeveloped
Wyoming (10 wells) and the Hugoton initial rates up to 50 million cubic feet
acreage in southwestern Kansas, north-
Field in Kansas (5 wells). Our success in per day with estimated proved reserves
western Oklahoma and the panhandle
these areas set up additional prospective up to 80 billion cubic feet. Cross Timbers
areas of Oklahoma and Texas. Our inter-
locations for drilling in 1997. has acquired more than 8,700 net acres
nal engineers estimate proved reserves
prospective in the Cotton Valley play.
attributable to the acquisition to be 36.5
Operated Wells Drilled The acreage includes 3,200 net acres held
billion cubic feet of natural gas equiva-
by production in Wood County, Texas
lent, of which more than 97% is gas. 175
and 5,500 net acres leased in Van Zandt,
Current net daily production averages 150
Smith and Henderson counties.
5.5 million cubic feet of gas equivalent 125
Advancements in 3-D seismic tech-
from 130 gross (65 net) wells with a 100
nology have allowed for better definition
reserve-to-production index of 17.5 years. 75
of the Pinnacle Reef build-up, making
About 30% of the purchase price is
50
this an attractive exploration play. Eleven
attributable to 124 square miles (79,500
25
reef anomalies have been identified by
net acres) of undeveloped acreage located
0
2-D seismic on Cross Timbers’ acreage
1994 1995 1996 1997
primarily in Texas County, Oklahoma.
(est.)
and these will be further refined with the
This acquisition adds deep rights to
In February 1997, Cross Timbers set help of 3-D seismic. Because we have
our existing Hugoton assets, which are
its 1997 development budget at $70 long-term leases, we can lessen our risk
among our most important, while
million. With this budget, the Company by allowing other operators to test geo-
extending our franchise in northwestern
plans to drill 173 wells in 1997, includ- logic concepts near our acreage prior to
Oklahoma. The undeveloped acreage is
ing 114 gas and 59 oil, and plans 80 our drilling.
viewed as highly prospective, and 3-D
workover/recompletion activities. Natural gas development will be
seismic technology, successful for opera-
About 10% to 20% of the develop- focused on two newly acquired interests
tors in adjoining areas, will be employed
ment budget will be allocated to – the Fontenelle Unit in southwestern
in its development.
higher-risk projects, including step-out Wyoming and the Ozona Area in West
DEVELOPMENT development wells and exploratory Texas – and in Major County, Oklahoma.
drilling. The higher-risk activity will Oil drilling will continue the success-
The Company drilled 100 wells and
focus on the Tubb Formation in Lea ful development of the Company’s largest
completed 125 workovers during 1996.
County, New Mexico and the Cotton oil-producing property, the Prentice
Drilling was balanced between oil and
Valley Pinnacle Reef play in East Texas. Northeast Unit in Terry County, West
gas wells with a success rate of 97%.
In New Mexico the Company has Texas. Development will be accelerated
Development of oil reserves on the
accumulated more than 6,200 gross on the University Block 9 Field, where
Prentice Northeast Unit in West Texas
(4,500 net) acres that are prospective for the Company recently increased its work-
and the Southeast Maljamar Unit in
the Tubb Formation. The Company plans ing interest to 100%.
southeastern New Mexico has been par-
to recomplete up to 22 wells and drill as
ticularly successful. Based upon the suc-
8
11. “BUFFALO HUNTER”
In the early 1800s, Comanches in the area now
known as Lubbock hunted the “Texas Herd.”
Not only did the Plains Indians use the buffalo
for food, clothing and shelter,
but they depended on the animal for
spiritual inspiration as well.
9
12. Permian Basin UNIVERSITY BLOCK 9 from 4,800 to 10,800 feet. Exploitation
Andrews County,Texas
potential exists through restimulations,
Prentice Northeast Unit
recompletions, infill drilling and sec-
The Prentice Northeast Unit is Cross
ondary recovery operations in the Middle
DEPTH (FEET) FORMATION
Timbers’ largest oil property, producing
Clear Fork and San Andres formations.
2,650 barrels of oil and 580 thousand WOLFCAMP
Cross Timbers owns 25 gross
8500
cubic feet of gas per day net to the
(23.4 net) operated wells and 139 gross
Company from 153 gross (140 net) wells. quot;PENNquot;
RESERVOIRS
8900
(43.6 net) wells operated by others.
The Unit is located on the prolific
Current net daily oil and gas production
Northwest Shelf of the Permian Basin
is about 990 barrels of oil and 530 thou-
and produces from the Glorieta and
sand cubic feet of gas. During 1996, the
Upper Clear Fork formations at depths
Company performed four recompletions
ranging from 6,000 to 7,000 feet. The UD
10,400
to the Glorieta and San Andres. The
Prentice Field has been separated into DEVONIAN
Company and its working interest part-
several waterflood units for secondary
This schematic illustrates the potential for drilling
ners plan to drill five Middle Clear Fork
operations, and tertiary recovery potential and recompletions to multiple horizons at
University Block 9.
and Glorieta wells during 1997.
also exists through carbon dioxide
increase the drilling program. The infill
flooding. A tertiary recovery study and
University Block 9
program continued to outperform
development plan for this field will be
This Andrews County, Texas field,
estimates with average daily initial pro-
completed this year.
discovered in 1953, produces from
ducing rates in excess of 100 barrels of
Cross Timbers has drilled 40 ten-acre
Wolfcamp, Pennsylvanian and Devonian-
oil per well. In addition, development of
infill wells in the Unit during the past
aged carbonates at 8,500, 8,900 and
the deeper reservoirs discovered in the
two years. A successful 12-well infill
10,400 feet, respectively. The Wolfcamp
1995 program was expanded by more
pilot program was initiated in 1995. The
and Pennsylvanian reservoirs were
than a mile to the east of the current
1996 drilling program, initially designed
unitized for secondary recovery operations
drilling area. This could significantly
for 10 wells, was increased to 28 ten-acre
in 1960 and 1970, respectively, but
increase the number of available
infill wells.
operated by different companies under
development locations within the Unit.
The favorable results of the early
inefficient and costly conditions. The
Based on this success, the Company
wells, coupled with rising crude oil
Devonian was produced on a lease-by-
expects to drill 26 ten-acre infill wells
prices, prompted the Company to
lease basis by several different operators,
during 1997. In addition, five
leaving it underdeveloped and creating a
20-acre infill wells are scheduled
PRENTICE NORTHEAST UNIT
Terry County,Texas significant opportunity for Cross Timbers.
for 1997 to test additional por-
Cross Timbers recently completed an
tions of the field and the deeper
acquisition which gave it a 100% work-
reservoirs in select areas of
ing interest and operations of the
the Unit.
Wolfcamp Unit, Penn Unit and 13 of the
Russell Field 14 active Devonian wells. As operator of
all zones, Cross Timbers can selectively
This field, located in Gaines
recomplete existing wells and drill new
County in West Texas, produces
wells with the potential to complete in
from the San Andres, Glorieta,
any horizon. The Company owns an
Middle Clear Fork and Devonian
interest in 42 wells that it operates, with
formations at depths ranging
10
13. “WEST OF THE L AW”
In the 1800s, horse thieves and cattle
rustlers ran rampant in the panhandles of
Oklahoma and Texas. The frontier could be
a dangerous place, especially in these
“badlands” or “no man’s land.”
11
14. Mid-Continent
current net daily production about 950 to the Company-operated Tyrone Plant.
barrels of oil and one million cubic feet The Company also completed the
Hugoton Area
of gas. installation and start-up of a residue
Ongoing development of the
During 1996, the Company drilled compressor and 11.5 miles of high pres-
Hugoton Field, the largest U.S. gas field,
and completed two Devonian wells, sure residue pipeline in August 1996.
increased our 1996 daily production
which produced at initial rates of 200 These installations have enabled the
more than five million cubic feet. The
barrels of oil per day. During 1997, the Company to operate the Tyrone Plant
Company owns an interest in 349 gross
Company plans to drill 10 more wells more efficiently and to increase gas prices
(327.9 net) wells that it operates and 116
targeting the Devonian, four wells target- through access to three additional inter-
gross (25.8 net) wells operated by others.
ing Pennsylvanian-aged reservoirs and state pipelines.
Current net daily production in the area
one infill well in the Wolfcamp Unit. The success in 1996 should continue
is 34.4 million cubic feet.
This aggressive development plan is through 1997 with a program that
Efficiency of Operations
expected to double field production dur- includes the drilling of 10 wells primarily
(Production Expenses) $/BOE
ing 1997. Development potential in Kansas and 11 workovers in Kansas
$ 6.00
includes proper wellbore utilization, and Oklahoma. Seven of the proposed
$ 5.00
recompletions, infill drilling and wells are Chase infill wells in Kansas,
$ 4.00
improvement of waterflood efficiency. two are Council Grove development
$ 3.00
wells, and the remaining well is a Chase
$ 2.00
Maljamar Area replacement well in Oklahoma. The
The Southeast Maljamar Unit is 1997 workover program concentrates on
$ 1.00
located in southeastern New Mexico opening additional intervals in the Chase
$0
1993 1994 1995 1996
where oil is produced from sandstones in Group. These intervals will increase
the Grayburg Formation at depths of producing rates and add reserves to the
The drilling of five wells in Kansas
4,300 feet. The field, which has been Hugoton Field.
developed more reserves and proved addi-
producing since 1943, was unitized for tional horizons to exploit. The Kansas B
Major County
secondary recovery operations 30 years #6 and #7 penetrated the Council Grove
ago. Cross Timbers owns a 100% work- Cross Timbers is one of the largest
Formation to develop horizons not now
ing interest in the 28-well Unit. producers in the Anadarko Basin fields
producing on this lease. The wells are
Cross Timbers completed a highly of Ringwood, Northwest Okeene and
currently testing and could result in the
successful pilot 10-acre infill program in Cheyenne Valley in Major County,
drilling of three additional Council
1995, continuing in 1996 by drilling 12 Oklahoma with 426 gross (364.2 net)
Grove producers on this lease and pro-
wells in the Unit and surrounding leases. operated wells and an interest in 199
mote further development on other
The infill wells averaged 40 barrels of oil gross (45.4 net) wells operated by others.
operated leases.
per day upon completion and area pro- Current net daily production is about
Pumping units were installed on 53
duction increased 300 percent to more 32.7 million cubic feet of gas and 930
wells to increase production rates in the
than 500 net barrels per day. The barrels of oil from zones ranging from
area by 3.4 million cubic feet per day.
Company has budgeted an additional five 6,500 to 9,400 feet.
Also, our Timberland Gathering sub-
wells in 1997 for the Unit along with The Company develops the Major
sidiary installed new compression on a
four conversions to complete a “pattern County area primarily through mechani-
portion of the gathering system to
flood” in the heart of the Unit. cal improvements, restimulations,
further increase production rates by two
recompletions to shallower zones and
million cubic feet per day. About 70% of
development drilling. During 1996, the
our Hugoton gas production is delivered
12
15. “THE COWBOYS”
At the end of a cattle drive the cowboys celebrated
in true western fashion by “going to town.”
The uniquely independent traits of the
traditional cowboy have become part of our
national heritage and culture.
13
16. Proved Reserves
Company participated in the drilling of replacement costs in the industry. During
(in millions of BOE)
33 gross (25.9 net) wells. It has budgeted 1996 the Company produced 3.5 million
140
132.5
21 wells in Major County for 1997, with barrels of oil and 37.3 billion cubic feet
68%
120
the primary drilling area in the western of gas.
99.7 100
60%
portion of the county. The Mississippian Natural gas reserves increased 51% to
80
and Chester formations will be targeted. 541 billion cubic feet from 358 billion
63.1
60
47%
A subsidiary of the Company has cubic feet in 1995. Oil reserves grew 6%
49.3
57% 40
32%
operated a gathering system and pipeline to 42 million barrels, compared with 40
40%
53%
20
in the Major County area since 1994, million barrels at year-end 1995. Proved
43%
0
collecting gas from 425 wells through developed reserves account for 83% of
1993 1994 1995 1996
300 miles of pipeline. The system has an year-end total proved reserves on a
Gas
Oil
estimated daily capacity of 40 million BOE basis.
cubic feet of gas with current throughput As of December 31, 1996, estimated
GAS MARKETING
of about 30 million cubic feet, 70% of future net cash flows before income tax
which is produced from Company-oper- 1996 was a landmark year for Cross were $1.7 billion, based on flat price and
ated wells. During 1994 and 1995, the Timbers Energy Services with operating cost assumptions, compared to $713
gathering system was converted from income increasing more than 200% to million in the previous year. The present
centralized to field compression through $3.1 million. This performance was the value before income tax, discounted at
the installation of four field compression result of a 31% increase in gas sales 10%, was $946 million, up 133% from
stations. Field compression has allowed volumes and a 119% improvement in the year-end 1995 level of $406 million.
the system to operate more efficiently sales margins per thousand cubic feet. In Values are based on 1996 year-end prices
and to expand into previously inacces- 1996, Cross Timbers Energy Services of $24.25 per barrel of oil and $3.02 per
sible areas. marketed more than 50 billion cubic feet thousand cubic feet of natural gas. Based
of gas. on prices of $20.00 per barrel and $2.00
Proved Oil and Gas Reserves Cross Timbers Energy Services per thousand cubic feet the discounted
(a)
(in thousands) December 31, 1996
maintains a diverse natural gas supply present value before income tax at year-
Oil Gas
(Bbls) (Mcf) BOE
and customer base serving utilities, end 1996 was $600 million.
Proved developed 31,883 466,412 109,618
municipalities and a variety of industrial For the year, Cross Timbers’ daily oil
Proved undeveloped 10,557 74,126 22,912
Total proved 42,440 540,538 132,530
and commercial end users. In 1996, it production averaged 9,584 barrels of oil,
Estimated future net cash flows,
purchased gas from about 50 compared to 9,677 barrels in 1995. Daily
before income tax $1,737,024
producers/suppliers and sold to approxi- gas production averaged 101.8 million
Present value before income
tax, discounted at 10% $946,150
mately 80 customers in 20 states. cubic feet in 1996, up from 78.4 million
Changes in Proved Reserves cubic feet in 1995. Increased gas produc-
(a)
(in thousands) RESERVES & PRODUCTION tion resulted from producing property
Oil Gas
(Bbls) (Mcf) BOE
Cross Timbers’ estimated proved oil acquisitions and from 1995 and 1996
December 31, 1995 39,988 358,070 99,666
and gas reserves at year-end 1996 were development activity. Oil prices increased
Revisions 2,361 29,379 7,258
Extensions and discoveries 2,220 37,480 8,467
132.5 million barrels of oil equivalent to an average of $21.38 per barrel from
Production (3,508) (37,275) (9,721)
Purchases in place 1,552 153,400 27,119
(BOE), up 33% from 99.7 million BOE $17.09 per barrel in 1995. Gas prices for
Sales in place (173) (516) (259)
December 31, 1996 42,440 540,538 132,530 at the end of 1995. The Company the year climbed to an average of $1.97
(a) Based on SEC assumptions. replaced 438% of its 1996 oil and gas per thousand cubic feet compared with
Abbreviations:
Bbls barrels production of 9.7 million BOE at a cost $1.42 in 1995.
Mcf thousand cubic feet
BOE barrels of oil equivalent (six Mcf equal one Bbl)
of $3.51 per BOE, one of the lowest
14
17. “BUTTERFIELD STAGECOACH ROBBERS”
San Antonio, Texas was one of the earliest hubs
of the stagecoach, an important means of
transporting letters, newspapers and valuables.
Between 1847 and 1881, more than 50 different
lines operated out of this city.
Highwaymen were always a threat.
15
18. Cross Timbers Oil Company
SELECTED FINANCIAL DATA
1996 1995 1994 1993 1992
In thousands except production, per share and per unit data
CONSOLIDATED STATEMENT OF OPERATIONS
AND CASH FLOWS DATA (a)
Revenues:
$075,013
Oil $060,349 $053,324 $039,747 $031,921
73,402
Gas 40,543 38,389 34,649 31,994
12,032
Gas gathering, processing and marketing 7,091 4,274 3,717 3,943
944
Other 4,922 288 69 (502)(b)
$161,391
Total revenues $112,905 $096,275 $078,182 $067,356
$019,790
Earnings (loss) available to common stock $ (10,538)(c) $003,048 $0 (4,012)(d) $004,744
$0000.74
Per common share (e) (f) $ 00(0.42)(c) $0000.13 $00 (0.18)(d) –
$00000 – – –
Pro forma earnings (loss) (g) $000(251) $003,233
$00000 – – –
Per common share/unit (f) (g) $00 (0.01) $0000.17
26,609
Weighted average common shares/units outstanding (f) 25,382 23,886 21,788 18,582
$0000.20
Dividends/distributions declared per common share/unit (f) (h) $0000.20 $0000.20 $0000.20 $0000.10
$068,263
Operating cash flow (i) $040,439 $037,816 $027,925 $027,033
YEAR-END CONSOLIDATED BALANCE SHEET DATA (a)
$450,561
Property and equipment, net $364,474 $244,555 $228,551 $149,484
523,070
Total assets 402,675 292,451 258,019 176,831
314,757
Long-term debt 238,475 142,750 111,750 79,000
142,668
Owners’ equity 130,700 113,333 115,168 76,056
OPERATING DATA (a)
Average daily production:
9,584
Oil (Bbls) 9,677 9,497 6,968 4,749
101,845
Gas (Mcf) 78,408 58,182 51,260 51,205
26,558
Barrels of oil equivalent (BOE) 22,745 19,194 15,511 13,283
Average sales price:
$21.38
Oil (per Bbl) $17.09 $15.38 $15.63 $18.37
$01.97
Gas (per Mcf) $01.42 $01.81 $01.85 $01.71
$04.05
Production costs (per BOE) $04.26 $04.62 $05.16 $04.47
$01.23
Production and property taxes (per BOE) $01.04 $01.23 $01.19 $01.19
Proved reserves:
42,440
Oil (Bbls) 39,988 33,581 21,082 16,666
540,538
Gas (Mcf) 358,070 177,061 169,119 172,199
132,530
BOE 99,666 63,091 49,269 45,366
(a) Significant producing property acquisitions in 1993, 1994, 1995 and 1996 affect the comparability of year-to-year financial and operating data.
(b) Includes a $2.4 million loss on sale of Royalty Trust Units in the initial public offering for the Royalty Trust.
(c) Includes effect of a $20.3 million pre-tax, non-cash impairment charge recorded upon adoption of Statement of Financial Accounting Standards No. 121, “Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.”
(d) Includes effect of a one-time, non-cash accounting charge of $4 million for net deferred income tax liabilities recorded upon the merger of the Company with the former Partnership.
(e) Historical net income (loss) per common share is not provided for 1992 since the results of the former Partnership, as a nontaxable entity, are not comparable to the Company.
(f) Adjusted for the three-for-two stock split effected on March 19, 1997.
(g) As if all former Partnership income was subject to corporate income tax, exclusive of the charge in (d) above.
(h) Excludes non-recurring distributions of the former Partnership.
(i) Defined as cash provided by operating activities before changes in working capital.
16