Newspaper article THE JOURNAL RECORD

Product Prices Boost Income for Alexander

Newspaper article THE JOURNAL RECORD

Product Prices Boost Income for Alexander

Article excerpt

Higher product prices led to improved results for Alexander Energy Corp.'s second quarter and six-month periods.

The company reported net income of $210,000, or 2 cents per share, for the second quarter ended June 30. That compares with a net loss of $213,000, or 2 cents per share, for the same period in 1995.

Revenues for the quarter totaled $5.4 million, the same as the previous year.

For the first half of the year, Alexander reported net income of $409,000, or 3 cents per share. That compares with a net loss of $654,000, or 5 cents per share, for the same period a year earlier.

Lower production due to the sale of producing properties offset higher product prices and resulted in decreased revenues for the six months.

Revenues for the first half of 1996 declined to $10.5 million from $10.7 million a year ago.

During the second quarter, total production fell 19 percent to 2.168 billion cubic feet of natural gas equivalents. That included a 36.5 percent decline in oil production and a 17 percent drop in natural gas production.

Six month total production was 21 percent less than the same period in 1995. Production fell to 4.352 bcf of natural gas equivalents. Total production consisted of a 39 percent decline in oil production and 21 percent decrease in natural gas production for the period.

Oil and gas sales were up for both periods as oil prices averaged 8 percent higher and natural gas prices were 37 percent higher than a year ago.

Oil and gas sales increased 4 percent to $4.75 million for the quarter and $9.26 million for the first six months of 1996.

The company received an average oil price of $19.87 per barrel for the quarter and $18. …

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