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Unocal reports record quarterly earnings of $264 million
Petroleum News Alaska Staff
Unocal Corp. said July 27 that its net earnings of $264 million, or $1.05 per share (diluted), for second quarter 2000 were the highest quarterly earnings recorded in the company’s history.
Earnings from continuing operations were $250 million, $1 per share (diluted) while adjusted after tax earnings from continuing operations for the quarter (excluding special items) were $170 million, 69 cents per share (diluted).
The second quarter results compare with net earnings of $9 million, 4 cents per share (diluted), in the same period a year ago. Adjusted after tax earnings from continuing operations for the second quarter 1999 were $16 million, 6 cents per share (diluted). Alaska earnings reported The company reported Alaska exploration and production earnings for the second quarter at $23 million, compared to $24 million for the first quarter 2000 and $6 million for the second quarter 1999.
Alaska crude oil production averaged 26,000 barrels a day for the second quarter, down from 27,000 barrels a day in the first quarter and 28,000 barrels a day in the second quarter 1999. Unocal produces crude oil from Cook Inlet and also has working interests on the North Slope. Alaska natural gas production averaged 138 million cubic feet a day in the second quarter, down from 154 million cubic feet a day in the first quarter but up from 131 million cubic feet a day in the second quarter 1999.
Average prices Unocal received for Alaska crude oil were $23.81 a barrel in the second quarter, compared to $23.15 a barrel in the first quarter and $12.02 in the second quarter 1999.
Average prices Unocal received for natural gas were $1.20 a thousand cubic feet in all three periods. Unocal’s natural gas supply is used by its Nikiski fertilizer plant.
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