HOUSTON, Aug. 3 /PRNewswire-FirstCall/ -- The Houston Exploration
Company (NYSE:THX) today reported second quarter 2006 net income of
$23.4 million, or $0.81 per diluted share. This compares to $43.8
million of net income, or $1.51 per diluted share, reported in the
second quarter 2005. Cash from operations before changes in
operating assets and liabilities totaled $92.7 million for the
quarter compared to $133.7 million reported in the second quarter
2005. Excluding certain items described below and in the attached
schedules, the company's adjusted net income for the second quarter
2006 was $28.7 million, or $1.00 per diluted share, versus the
$1.51 per diluted share in the second quarter 2005 on a comparable
basis. Cash from operations before changes in operating assets and
liabilities, as well as adjusted net income, are non-GAAP measures
that are defined and reconciled in the schedules below. Second
Quarter 2006 Consolidated Results The company's consolidated
results for the quarter were impacted by the sale of substantially
all of the company's Gulf of Mexico assets during the first and
second quarters of 2006. Daily production for the second quarter
2006 averaged 239 million cubic feet of natural gas equivalent per
day (MMcfe/d), compared to 2005's second quarter average rate of
328 MMcfe/d. This 27 percent decline was due to the sale of the
company's Gulf of Mexico assets, coupled with the fact that, prior
to such sale, production from the company's offshore Louisiana
properties had not yet returned to expected levels after last
fall's hurricanes. The company's average unhedged natural gas sales
price for the second quarter 2006 was $6.41 per thousand cubic feet
(Mcf), compared to $6.60 per Mcf in the second quarter 2005. The
company's average realized natural gas price for the second quarter
2006 was $5.50 per Mcf, down from $5.71 per Mcf reported during the
second quarter 2005. Crude oil prices averaged $59.02 per barrel
for this year's second quarter compared to $46.32 per barrel
reported during the comparable 2005 period. Revenue for the second
quarter 2006 totaled $145.9 million, compared to $175.8 million
during the second quarter 2005. Total revenues for the second
quarter 2006 were reduced by $1.1 million of net losses associated
with the company's hedging activities, compared to $24.3 million of
net losses in the second quarter 2005. The current period net
losses of $1.1 million were comprised of the following: * $4.1
million of realized losses associated with the settlement of hedge
contracts; * $14.3 million of realized losses associated with the
unwinding of certain hedge contracts in connection with the sale of
the company's Gulf of Mexico assets; and * $17.3 million of net
unrealized gains resulting primarily from changes in the fair value
of the company's hedge portfolio, all of which is now being
accounted for using mark-to-market accounting. The company's lease
operating, severance tax and transportation expenses for the second
quarter 2006 totaled $1.18 per thousand cubic feet of natural gas
equivalent (Mcfe) versus $0.89 per Mcfe reported in the second
quarter 2005. Total depreciation, depletion and amortization and
asset retirement accretion expenses for the quarter were $2.71 per
Mcfe compared to $2.45 per Mcfe in the second quarter 2005. Second
quarter 2006 net general and administrative expenses were $0.40 per
Mcfe compared to $0.21 per Mcfe in the prior year period. Income
tax expense for the second quarter 2006 was $23.5 million, which
included $6.8 million related to a recently adopted "margin tax" in
the state of Texas. Second Quarter 2006 Onshore Results The
company's onshore production increased by 5 percent during the
second quarter 2006, to an average rate of 198 MMcfe/d, compared to
189 MMcfe/d during the second quarter 2005. The company's average
unhedged natural gas sales price for its onshore production was
$6.27 per Mcf for the second quarter 2006, compared to $6.36 per
Mcf in the second quarter 2005. Oil and gas revenues from the
company's onshore operations totaled $115.5 million for the second
quarter 2006, compared to $110.0 million during the second quarter
2005. Onshore lease operating, severance tax and transportation
expenses during the second quarter 2006 totaled $1.14 per Mcfe
versus $0.82 per Mcfe reported in the second quarter 2005. "Our
onshore portfolio is comprised of quality assets that we believe
have the potential to deliver future production increases
consistent with our guidance for 2006 and 2007," stated William G.
Hargett, chairman, president and chief executive officer. "While
implementing our multi-year drilling program, which includes more
than 7,500 potential drilling locations, the Houston Exploration
Board of Directors and management team are assessing a number of
strategic alternatives to further enhance value for all
shareholders." Strategic Update Since late 2005, the company has
continued to execute its strategic restructuring plan, the primary
purpose of which is to improve the company's financial and
operating performance by becoming a pure onshore operator. During
the second quarter 2006, the company achieved several significant
milestones toward its restructuring objectives, including the
following: * In May 2006, the company initiated its share
repurchase program. To date, the company has repurchased 1,176,500
shares of its common stock, or approximately 4 percent of its
outstanding shares, for approximately $61.6 million. As a result,
approximately $138.4 million remains authorized under the company's
previously announced $200 million share repurchase program.
Pursuant to this program, the company may continue to repurchase
shares in the open market or in privately negotiated transactions,
subject to market conditions, applicable legal and contractual
requirements, available cash, competing investment opportunities
and other factors. * On June 1, 2006, the company completed the
sale of substantially all of the Louisiana portion of its Gulf of
Mexico assets, which included estimated proved reserves at year-end
2005 of 186.1 billion cubic feet of natural gas equivalent (Bcfe),
for a gross sales price of $590 million. * In June 2006, and in
connection with the sale of its Gulf of Mexico assets, the company
completed the unwinding of gas hedges totaling 60,000 million
British thermal units per day (MMBtu/d) for the period July 2006
through December 2006, for a cost of $14.3 million. After giving
effect to this transaction, the company's average hedge position
for the remainder of 2006 is currently 190,000 MMBtu/d, with a
weighted average floor price of $5.83 per MMBtu and a weighted
average ceiling price of $6.89 per MMBtu. Additionally, the company
announced in June 2006 that its Board of Directors had engaged
Lehman Brothers to assist the company in exploring a broad range of
strategic alternatives. These alternatives may complement or
replace the continued execution of the company's previously
announced business plan and include, but are not limited to, a
recapitalization of the company either through additional share
repurchases or a special dividend; operating partnerships and/or
strategic alliances; and the sale or merger of the company. The
company does not expect to make any public comments regarding this
process until after the company's Board of Directors has completed
its review of the strategic alternatives and approved a definitive
course of action. Guidance As described in the following table, the
company has updated its guidance for the third quarter and
full-year 2006 and reaffirmed the previously disclosed 2007
figures. The estimated financial and operational results do not
reflect any decision regarding the pending review of strategic
alternatives, assume no contribution from the company's offshore
operations which were recently divested, and assume no additional
capital spending for potential acquisitions. Various factors that
could materially impact the company's actual results are noted
below in the forward-looking statements section of this release.
3Q06 2006 2007 Total Onshore Offshore (A) Total Total Capital
Spending (in millions) Exploration and development $113 $433 $46
$479 $466 Acquisition(s) 0 17 30 (B) 47 0 Subtotal $113 $450 $76
$526 $466 Capitalized interest, G&A and other 6 N/A N/A 25 24
Total $119 $450 $76 $551 $490 Production Total (Bcfe) 19 75 14 89
89 Average daily (MMcfe/d) 207 205 37 242 245 Percent hedged 85%
(C) N/A N/A 85% (C) 12% (D) 2006 Exit rate (MMcfe/d) N/A 225 N/A
225 N/A 2006 Exit rate, percent hedged N/A N/A N/A 13% (D) N/A Unit
Costs ($/Mcfe) Lease operating expense 0.57 0.60 1.22 0.70 N/A
Severance tax 0.24 0.27 N/A 0.23 N/A Transportation 0.14 0.14 0.05
0.13 N/A DD&A and ARO 2.70 N/A N/A 2.81 N/A General and
administrative, net 0.40 N/A N/A 0.37 N/A Interest expense, net
0.30 N/A N/A 0.30 N/A (A) Substantially all of the company's
offshore assets were sold in separate transactions that closed on
March 31, May 31, and June 1, 2006. (B) Reflects the previously
estimated $30 million net profits interest payable to a predecessor
owner in certain of the company's offshore Louisiana properties
that were sold during the second quarter 2006. (C) Assumes
unwinding of hedges covering an additional 20,000 MMBtu/d for the
period September - December 2006. (D) Based on existing 2007 hedge
portfolio of 30,000 MMBtu/d. The company will hold a conference
call on Thursday, August 3, at 8:00 a.m. Central Time to further
review the quarter's financial and operational results and
activities. To access the call, dial (800) 230-1074 prior to the
start and provide the confirmation code 829798. In addition, a
listen-only webcast of the call can be accessed at
http://www.houstonexploration.com/ . A replay of the call and an
archive of the webcast will be available for one week beginning at
approximately 12:00 p.m. Central Time on August 3. Dial (800)
475-6701 and provide the confirmation code 829798, or access the
company's Web site for either of these services. About the Houston
Exploration Company The Houston Exploration Company is an
independent natural gas and crude oil producer engaged in the
development, exploitation, exploration and acquisition of natural
gas and crude oil properties. The company's operations are focused
in South Texas, the Arkoma Basin, East Texas, and the Rocky
Mountains. For more information, visit the company's Web site at
http://www.houstonexploration.com/ . Forward-Looking Statements
This news release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that
are not statements of fact, such as estimated reserves and future
drilling and development activity. Although the company believes
that the expectations reflected in such forward-looking statements
are reasonable, it can give no assurance that such expectations
will prove to have been correct. Factors that could cause actual
results to vary materially from those targeted, expected or implied
include the terms, timing and impact of our business strategy or
other strategic alternatives, if any, ultimately selected by the
Board, price volatility, the business outlook, the impact of
onshore asset concentration, the risks associated with the
consummation and successful integration of acquisitions, any tax
deferrals, the impact of hurricanes, the risk of future writedowns,
the impact of hedging activities, the accuracy of estimates of
reserves and production rates, production and spending
requirements, the inability to meet substantial capital
requirements, the market and other factors for stock repurchases,
constraints imposed by the company's outstanding indebtedness, the
relatively short production life of the company's reserves, reserve
replacement risks, drilling risks and results, the competitive
nature of the industry, and other risks and uncertainties inherent
in the exploration for and production of natural gas and crude oil
discussed in the company's Annual Report on Form 10-K, as amended,
for the year ended December 31, 2005, and other filings with the
Securities and Exchange Commission. The company assumes no
obligation to update any forward-looking statements contained in
this news release. Contact: The Houston Exploration Company Melissa
R. Aurelio 713-830-6887 The Houston Exploration Company
Consolidated Financial Information Three Months Ended Six Months
Ended June 30, June 30, 2006 2005 2006 2005 Unaudited Income
Statement Data: (in thousands, (in thousands, except per share
data) except per share data) Revenues Natural gas revenues $129,785
$181,054 $328,290 $345,023 Oil revenues 15,167 18,805 35,620 35,925
Gain (loss) on settled derivatives (18,424) (24,335) (64,949)
(38,510) Unrealized gain (loss) on derivatives 17,285 --- 21,871
(1,424) Other 2,101 293 2,686 523 Total revenues 145,914 175,817
323,518 341,537 Operating Expenses Lease operating 18,032 19,124
39,844 34,492 Severance tax 4,830 4,530 10,989 7,464 Transportation
2,859 2,993 5,630 5,759 Asset retirement accretion 1,069 1,326
2,396 2,651 Depreciation, depletion and amortization 57,858 71,944
141,619 142,547 General and administrative, net 8,705 6,200 17,311
17,323 Total operating expenses 93,353 106,117 217,789 210,236
Income from Operations 52,561 69,700 105,729 131,301 Other (income)
and expense (791) (1,067) (2,198) 387 Interest expense 7,451 5,621
17,827 11,045 Capitalized interest (1,000) (2,425) (2,655) (4,415)
Interest expense, net 6,451 3,196 15,172 6,630 Income before taxes
46,901 67,571 92,755 124,284 Provision for income tax Current
(1,239) 8,324 3,319 16,028 Deferred 24,769 15,417 36,293 30,988
Total provision for taxes 23,530 23,741 39,612 47,016 Net Income
$23,371 $43,830 $53,143 $77,268 Earnings per Share Net income per
share - Basic $0.82 $1.53 $1.85 $2.70 Net income per share -
Diluted $0.81 $1.51 $1.84 $2.67 Weighted average shares - Basic
28,625 28,679 28,770 28,589 Weighted average shares - Diluted
28,678 28,973 28,824 28,920 June 30, December 31, 2006 2005
Unaudited Balance Sheet Data: (in thousands, except
debt-to-capitalization) Assets Cash and equivalents $3,488 $7,979
Accounts receivable 83,390 146,020 Inventories 4,215 2,726 Deferred
tax asset 67,439 145,922 Prepayments and other 15,549 19,709 Total
current assets 174,081 322,356 Natural gas and oil properties,
full-cost method Unevaluated properties 39,381 107,146 Properties
subject to amortization 3,129,560 3,556,755 Other property and
equipment 13,880 12,971 3,182,821 3,676,872 Less: Accumulated
depreciation, depletion and amortization 1,799,997 1,658,532
1,382,824 2,018,340 Designated cash 323,675 --- Other non-current
assets 16,730 20,928 Other assets 340,405 20,928 Total Assets
$1,897,310 $2,361,624 Liabilities Accounts payable and accrued
expenses $185,743 $177,159 Derivative financial instruments 44,165
352,457 Asset retirement obligation --- 7,265 Total current
liabilities 229,908 536,881 Long-term debt and notes 275,000
597,000 Deferred federal income taxes 410,511 341,302 Derivative
financial instruments 36,928 65,201 Asset retirement obligation
36,868 112,406 Other non-current liabilities 10,648 15,696 Total
Liabilities 999,863 1,668,486 Stockholders' Equity Common stock 279
289 Additional paid-in capital 245,100 297,218 Retained earnings
716,510 663,367 Accumulated other comprehensive income (64,442)
(267,736) Total Stockholders' Equity 897,447 693,138 Total
Liabilities and Stockholders' Equity $1,897,310 $2,361,624 Total
Debt-to-Capitalization 23.5% 46.3% Three Months Ended Six Months
Ended June 30, June 30, 2006 2005 2006 2005 Unaudited Cash Flow
Data: (in thousands) (in thousands) Operating Activities Net income
$23,371 $43,830 $53,143 $77,268 Adjustments to reconcile net income
to net cash provided by operating activities: Depreciation,
depletion and amortization 57,858 71,944 141,619 142,547 Deferred
income tax expense 24,769 15,417 36,293 30,988 Unrealized (gain)
loss on derivatives (17,285) --- (21,871) 1,424 Other non-cash
adjustments 3,996 2,493 7,840 6,554 Changes in operating assets and
liabilities 40,302 (9,851) 36,283 (1,589) Net cash provided by
operating activities 133,011 123,833 253,307 257,192 Investing
Activities Investment in property and equipment (149,806) (123,698)
(278,572) (254,836) Designated cash (323,675) --- (323,675) ---
Dispositions and other 534,277 15 723,648 165 Net cash provided by
(used in) investing activities 60,796 (123,683) 121,401 (254,671)
Financing Activities Net repayments of long-term borrowings
(149,000) (10,000) (322,000) (25,000) Repurchase of common stock
(61,638) --- (61,638) --- Debt issuance costs (199) --- (199) ---
Proceeds and tax benefits from issuance of common stock from
exercise of stock options 980 784 4,638 8,596 Net cash provided by
(used in) financing activities (209,857) (9,216) (379,199) (16,404)
Increase (decrease) in cash $(16,050) $(9,066) $(4,491) $(13,883)
Cash at beginning of period 19,538 13,760 7,979 18,577 Cash at end
of period $3,488 $4,694 $3,488 $4,694 Unaudited Non-GAAP Financial
Measures: EBITDA represents net income (loss) before interest
expense, income tax expense (benefit) and depreciation, depletion
and amortization. EBITDA is presented as a supplemental financial
measurement in the evaluation of our business. We believe that
EBITDA provides additional information regarding our ability to
meet our future debt service, capital expenditures and working
capital requirements. EBITDA is widely used by investors, bankers
and rating agencies to value, compare and rate companies. EBITDA is
not a measure of financial performance under accounting principles
generally accepted in the United States (GAAP). Accordingly, it
should not be considered as a substitute for net income, income
from operations, or net cash provided by operating activities
prepared in accordance with GAAP. EBITDA is reconciled to net
income in the table below. Cash from operations before changes in
operating assets and liabilities represents net cash provided by
operating activities before changes in operating assets and
liabilities. Cash from operations before changes in operating
assets and liabilities is presented because management believes it
is a useful adjunct to net cash provided by operating activities
under GAAP. Cash from operations before changes in operating assets
and liabilities is widely accepted as a financial indicator of an
oil and gas company's ability to generate cash which is used to
internally fund exploration and development activities and to
service debt. Cash from operations before changes in operating
assets and liabilities is not a measure of financial performance
under GAAP and should not be considered an alternative to net
income or net cash provided by operating activities in accordance
with GAAP. The table below reconciles cash from operations before
changes in operating assets and liabilities to net cash provided by
operating activities as disclosed on the statement of cash flows.
Adjusted net income and adjusted net income per diluted share
represent net income and net income per diluted share, as the case
may be, after the adjustments noted in the table below. We believe
that adjusted net income and adjusted net income per diluted share
are useful to analysts and investors because they are more
reflective of our operating performance and improve
period-to-period comparability. The table below reconciles net
income to adjusted net income and net income per diluted share to
adjusted net income per diluted share. Three Months Ended Six
Months Ended June 30, June 30, 2006 2005 2006 2005 Reconciliation
of Non-GAAP Measures: (in thousands, except (in thousands, except
per share amounts) per share amounts) EBITDA $111,210 $142,711
$249,546 $273,461 Less: Interest, net 6,451 3,196 15,172 6,630
Income taxes 23,530 23,741 39,612 47,016 Depreciation, depletion
and amortization 57,858 71,944 141,619 142,547 Net Income $23,371
$43,830 $53,143 $77,268 Cash from Operations Before Changes in
Operating Assets and Liabilities $92,709 $133,684 $217,024 $258,781
Plus: Changes in operating assets and liabilities 40,302 (9,851)
36,283 (1,589) Net Cash Provided by Operating Activities $133,011
$123,833 $253,307 $257,192 Net Income $23,371 $43,830 $53,143
$77,268 Adjustments: Unrealized (gain) loss on derivatives, net of
tax (11,166) --- (14,129) 920 Loss on hedge unwind, net of tax
9,238 --- 9,238 --- Severance/bonus costs - offshore sale, net of
tax 429 --- 727 --- Texas margin tax accrual 6,800 --- 6,800 ---
Adjusted Net Income $28,672 $43,830 $55,779 $78,188 Net Income per
Diluted Share $0.81 $1.51 $1.84 $2.67 Adjustments: Unrealized
(gain) loss on derivatives, net of tax (0.39) --- (0.49) 0.03 Loss
on hedge unwind, net of tax 0.32 --- 0.32 --- Severance/bonus costs
- offshore sale, net of tax 0.02 --- 0.03 --- Texas margin tax
accrual 0.24 --- 0.24 --- Adjusted Net Income per Diluted Share
$1.00 $1.51 $1.94 $2.70 The Houston Exploration Company Additional
Information for the Three Months Ended June 30, 2006 Three Months
Ended Three Months Ended June 30, 2006 June 30, 2005 Onshore
Offshore Total Onshore Offshore Total (A) (A) Production Natural
gas (MMcf) 17,365 2,879 20,244 17,123 10,317 27,440 Oil (Mbbls) 114
143 257 21 385 406 Equivalent (MMcfe) 18,049 3,737 21,786 17,249
12,627 29,876 Daily Equivalent (MMcfe/d) 198 41 239 189 139 328
Average Sales Price Natural gas - unhedged ($/Mcf) $6.27 $7.24
$6.41 $6.36 $7.00 $6.60 Natural gas - realized (B) ($/Mcf) N/A N/A
5.50 N/A N/A 5.71 Oil - unhedged ($/Bbl) 57.66 60.10 59.02 54.86
45.85 46.32 Oil - realized ($/Bbl) 57.66 60.10 59.02 54.86 45.85
46.32 Revenues (in thousands) Natural gas revenues $108,929 $20,856
$129,785 $108,826 $72,228 $181,054 Oil revenues 6,573 8,594 15,167
1,152 17,653 18,805 Gain (loss) on settled derivatives N/A N/A
(18,424) N/A N/A (24,335) Unrealized gain (loss) on derivatives N/A
N/A 17,285 N/A N/A --- Other N/A N/A 2,101 N/A N/A 293 Total
revenues 145,914 175,817 Operating Expenses (in thousands) Lease
operating $13,006 $5,026 $18,032 $7,091 $12,033 $19,124 Severance
tax 4,817 13 4,830 4,499 31 4,530 Transportation 2,644 215 2,859
2,610 383 2,993 Asset retirement accretion 479 590 1,069 360 966
1,326 Depreciation, depletion and amortization N/A N/A 57,858 N/A
N/A 71,944 General and administrative, net N/A N/A 8,705 N/A N/A
6,200 Total operating expenses 93,353 106,117 Income from
Operations per Unit ($/Mcfe) Total revenues N/A N/A $6.70 N/A N/A
$5.88 Lease operating (0.72) (1.34) (0.83) (0.41) (0.95) (0.64)
Severance tax (0.27) (0.00) (0.22) (0.26) (0.00) (0.15)
Transportation (0.15) (0.06) (0.13) (0.15) (0.03) (0.10) Asset
retirement accretion (0.03) (0.16) (0.05) (0.02) (0.08) (0.04)
Depreciation, depletion and amortization N/A N/A (2.66) N/A N/A
(2.41) General and administrative, net N/A N/A (0.40) N/A N/A
(0.21) Income from operations per unit $2.41 $2.33 Capital Spending
(in thousands) Exploration and development 118,525 16,573 135,098
65,264 51,578 116,842 Acquisitions 21,336 30,000 (C) 51,336 9,271
(254) 9,017 Subtotal 139,861 46,573 186,434 74,535 51,324 125,859
Capitalized interest, G&A and other --- --- 6,720 --- --- 6,216
Total $139,861 $46,573 $193,154 $74,535 $51,324 $132,075 (A)
Substantially all of the company's offshore assets were sold in
separate transactions that closed on March 31, May 31, and June 1,
2006. (B) Realized natural gas prices include the effects of gains
and losses on contracts settled during the period, and do not
include unrealized gains and losses recognized pursuant to SFAS
133. (C) Reflects the previously estimated $30 million net profits
interest payable to a predecessor owner in certain of the company's
offshore Louisiana properties that were sold during the second
quarter 2006. The Houston Exploration Company Additional
Information for the Six Months Ended June 30, 2006 Six Months Ended
Six Months Ended June 30, 2006 June 30, 2005 Onshore Offshore Total
Onshore Offshore Total (A) (A) Production Natural gas (MMcf) 35,180
11,087 46,267 33,802 20,995 54,797 Oil (Mbbls) 181 424 605 44 768
812 Equivalent (MMcfe) 36,266 13,631 49,897 34,066 25,603 59,669
Daily Equivalent (MMcfe/d) 201 75 276 188 142 330 Average Sales
Price Natural gas - unhedged ($/Mcf) $6.82 $7.98 $7.10 $6.07 $6.67
$6.30 Natural gas - realized (B) ($/Mcf) N/A N/A 5.69 N/A N/A 5.59
Oil - unhedged ($/Bbl) 57.28 59.56 58.88 47.05 44.08 44.24 Oil -
realized ($/Bbl) 57.28 59.56 58.88 47.05 44.08 44.24 Revenues (in
thousands) Natural gas revenues $239,804 $88,486 $328,290 $205,071
$139,952 $345,023 Oil revenues 10,367 25,253 35,620 2,070 33,855
35,925 Gain (loss) on settled derivatives N/A N/A (64,949) N/A N/A
(38,510) Unrealized gain (loss) on derivatives N/A N/A 21,871 N/A
N/A (1,424) Other N/A N/A 2,686 N/A N/A 523 Total revenues 323,518
341,537 Operating Expenses (in thousands) Lease operating $23,178
$16,666 $39,844 $12,871 $21,621 $34,492 Severance tax 10,941 48
10,989 7,409 55 7,464 Transportation 4,918 712 5,630 5,062 697
5,759 Asset retirement accretion 958 1,438 2,396 720 1,931 2,651
Depreciation, depletion and amortization N/A N/A 141,619 N/A N/A
142,547 General and administrative, net N/A N/A 17,311 N/A N/A
17,323 Total operating expenses 217,789 210,236 Income from
Operations per Unit ($/Mcfe) Total revenues N/A N/A $6.48 N/A N/A
$5.72 Lease operating (0.64) (1.22) (0.80) (0.38) (0.84) (0.58)
Severance tax (0.30) (0.00) (0.22) (0.22) (0.00) (0.13)
Transportation (0.14) (0.05) (0.11) (0.15) (0.03) (0.10) Asset
retirement accretion (0.03) (0.11) (0.05) (0.02) (0.08) (0.04)
Depreciation, depletion and amortization N/A N/A (2.84) N/A N/A
(2.39) General and administrative, net N/A N/A (0.35) N/A N/A
(0.29) Income from operations per unit $2.11 $2.19 Capital Spending
(in thousands) Exploration and development 211,061 42,011 253,072
128,069 106,191 234,260 Acquisitions 17,245 30,000 (C) 47,245
31,355 277 31,632 Subtotal 228,306 72,011 300,317 159,424 106,468
265,892 Capitalized interest, G&A and other --- --- 13,570 ---
--- 12,495 Total $228,306 $72,011 $313,887 $159,424 $106,468
$278,387 (A) Substantially all of the company's offshore assets
were sold in separate transactions that closed on March 31, May 31,
and June 1, 2006. (B) Realized natural gas prices include the
effects of gains and losses on contracts settled during the period,
and do not include unrealized gains and losses recognized pursuant
to SFAS 133. (C) Reflects the previously estimated $30 million net
profits interest payable to a predecessor owner in certain of the
company's offshore Louisiana properties that were sold during the
second quarter 2006. DATASOURCE: The Houston Exploration Company
CONTACT: Melissa R. Aurelio of The Houston Exploration Company,
+1-713-830-6887, or Web site: http://www.houstonexploration.com/
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