$6.1 Million Loss Reported by Enron
HOUSTON - A net loss of $6.1 million, or 9 cents per share, has been reported for 1989 by Enron Oil & Gas Co.
That compared with a net loss of $15.7 million, or 25 cents per share, for 1988.
Revenues for 1989 were up 4.2 percent to $289.4 million from $277.6 million in 1988.
Enron reported a net income of $2.1 million, or 3 cents per share, for the fourth quarter of 1989, compared to a net loss of $3.9 million, or 6 cents per share, for the same period in 1988.
Revenues from operations were up 54 percent to $85.2 million from $55.3 million for the fourth quarter of 1988. The 1989 figure reflects substantially increased natural gas volumes and prices.
Both were impacted significantly by the initiation of deliveries under two new long-term natural gas sales contracts with a marketing subsidiary of Enron Corp. The contracts are being supplied initially with volumes purchased from the Big Piney area in Wyoming and the Matagorda 620, 637, 638 areas offshore Texas.
Wellhead natural gas sales volumes averaged 395 million cubic feet per day during the fourth quarter of 1989 and increased 11.3 percent to an average of about 440 million cubic feet per day in January.
Discretionary cash flow increased 9. …