TRGL » Topics » FOURTH QUARTER RESULTS

This excerpt taken from the TRGL 8-K filed Mar 13, 2007.

FOURTH QUARTER RESULTS


Toreador recorded an operating loss in the fourth quarter of 2006 of $3.9 million, compared to operating income of $1.4 million in the same period last year. Although revenue increased to $9.6 million for the three months ended December 31, 2006 compared to $8.5 million for the same period last year, the following items contributed to the operating loss in the fourth quarter of 2006: (1) an increase of $2.5 million in dry hole expense; (2) an increase of $1.1 million in lease operating costs; (3) $500,000 in audit services expense associated with the restatements of prior periods; (4) a $700,000 increase in depreciation, depletion and amortization; and (5) an increase of approximately $600,000 in stock compensation expense.

For the three months ended December 31, 2006, the company reported a loss available to common shares of $7.7 million, or $0.50 per diluted share, compared to income available to common shares of $5.3 million in the fourth quarter of 2005, or $0.35 per diluted share. In addition to the increases in operating expense, a non-cash foreign exchange loss of approximately $3.4 million was recorded in the fourth quarter of 2006 (compared to a $2.2 million gain in the fourth quarter of 2005). Diluted weighted average shares outstanding in the fourth quarter of

 

Toreador Fiscal Year and Q4 2006 Financial Results, March 13, 2007

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2006 were 16.1 million, compared to 16.8 million diluted weighted average shares outstanding in the fourth quarter of 2005.

For the fourth quarter of 2006, Toreador reported earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX)* of $5.0 million compared to $5.3 million for the same period last year.

In the fourth quarter of 2006, Toreador’s oil and natural gas production was approximately 206 MBOE compared to 163 MBOE during the same period last year. The average realized price on a BOE basis in the fourth quarter of 2006 was $45.94 per BOE compared to $52.92 per BOE in the fourth quarter of 2005. The average realized price of oil in the fourth quarter of 2006 was $56.06 per barrel compared to $53.04 per barrel in the fourth quarter of 2005. The average realized price of natural gas in the quarter ended December 31, 2006 was $4.50 per MCF, compared to $8.73 per MCF for the same period last year.

 

This excerpt taken from the TRGL 8-K filed Nov 9, 2006.

NINE MONTHS RESULTS

Financial results for the first nine months of 2006 include increases in operating income of 83%, EBITDAX* of 45%, and income available to common shares of 99% compared to the first nine months of 2005. Revenues increased 38% on production growth of 16% in the first nine months of 2006 compared to the same period in the prior year.


 

 

Toreador Third Quarter 2006 Financial Results, November 9, 2006

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For the first nine months of 2006, Toreador’s oil and gas production was approximately 535 MBOE compared to 462 MBOE for the first nine months of 2005. The average realized price in the first nine months of 2006 was $57.05 per BOE compared to $48.21 per BOE for the first nine months of 2005. The average realized price of oil in the first nine months of 2006 was $62.38 compared to $49.20 for the same period a year ago. The average realized price of natural gas for the nine months ended September 30, 2006 was $5.31 per MCF compared to $7.04 per MCF for the nine months ended September 30, 2005.

This excerpt taken from the TRGL 8-K filed Aug 8, 2006.

SIX MONTHS RESULTS

 

 

Toreador Reports Second Quarter 2006 Financial Results, August 8, 2006

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Financial results for the first six months of 2006 include increases in operating income of 76%, EBITDAX* of 80%, and income available to common shares of 96% compared to the first six months of 2005. Revenues increased 48% on production growth of 13% in the first six months of 2006 compared to the same period in the prior year.


For the first half of 2006, Toreador’s oil and gas production was approximately 341 MBOE compared to 303 MBOE for the first half of 2005. The average realized price in the first six months of 2006 was $58.39 per BOE compared to $44.45 per BOE for the first six months of 2005. The average realized price of oil in the first half of 2006 was $61.18 compared to $45.42 for the same period a year ago. The average realized price of natural gas for the six months ended June 30, 2006 was $6.35 per MCF compared to $6.44 per MCF for the six months ended June 30, 2005.

This excerpt taken from the TRGL 8-K filed Aug 8, 2006.

SIX MONTHS RESULTS

 

 

Toreador Reports Second Quarter 2006 Financial Results, August 8, 2006

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Financial results for the first six months of 2006 include increases in operating income of 76%, EBITDAX* of 80%, and income available to common shares of 96% compared to the first six months of 2005. Revenues increased 48% on production growth of 13% in the first six months of 2006 compared to the same period in the prior year.


For the first half of 2006, Toreador’s oil and gas production was approximately 341 MBOE compared to 303 MBOE for the first half of 2005. The average realized price in the first six months of 2006 was $58.39 per BOE compared to $44.45 per BOE for the first six months of 2005. The average realized price of oil in the first half of 2006 was $61.18 compared to $45.42 for the same period a year ago. The average realized price of natural gas for the six months ended June 30, 2006 was $6.35 per MCF compared to $6.44 per MCF for the six months ended June 30, 2005.

This excerpt taken from the TRGL 8-K filed Nov 10, 2005.

NINE MONTH RESULTS

For the nine months ended September 30, 2005 Toreador reported income available to common shares, excluding dry hole expense of $1.5 million, of $5.4 million (a non-GAAP financial measure reconciled below). Including dry hole expense, Income available to common shares for the first nine months of 2005 was $3.9 million, or $0.27 per diluted share, compared to income available to common shares of $24.7 million, or $2.04 per diluted share, for the same period last year. In 2004 the sale of oil and gas properties resulted in income from discontinued operations of $18.4 million, or $1.48 per diluted share. Weighted average diluted shares for the nine months ended September 30, 2005 were 14.9 million, compared to 12.4 million for the same period last year.

 

 

Toreador Reports Third Quarter 2005 Financial Results

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Operating income for first nine months of 2005 was $4.6 million compared to $2.2 million for the first nine months of 2004. Total revenues for the nine months ended September 30, 2005 were $22.3 million compared to $14.6 million for the nine months ended September 30, 2004.

For the first nine months of 2005, Toreador’s oil and gas production was approximately 462,000 BOE compared to approximately 470,000 BOE for the first nine months of 2004. The average realized price of oil for the nine months ended September 30, 2005 was $49.20 per barrel, compared to $33.44 per barrel for the same period in the prior year, an increase of 47.1%. The average realized price of natural gas for the first nine months of 2005 was $7.04 per million cubic feet compared to $5.58 per million cubic feet for the first nine months of 2004, an increase of 26.2%.

 

This excerpt taken from the TRGL 8-K filed Mar 8, 2005.

FOURTH-QUARTER 2004 RESULTS

For the fourth quarter of 2004, Toreador reported a loss applicable to common shares of $102,000, or $0.01 per diluted share, compared with a loss applicable to common shares of $214,000, or $0.02 per diluted share, for the fourth quarter of 2003.

The company recorded an operating loss from continuing operations for the fourth quarter of 2004 of $808,000, compared with an operating loss from continuing operations for the year-ago period of $1.0 million. Fourth-quarter 2004 revenues were $6.4 million versus fourth-quarter 2003 revenues of $3.2 million.

During the fourth quarter of 2004, Toreador’s oil and gas production was 165,000 BOE versus fourth-quarter 2003 oil and gas production of 141,000 BOE. The increase was due to additional production from France.

The company’s average realized price oil price per barrel for the fourth quarter of 2004 was $40.33, a 54% increase over the average realized oil price per barrel of $26.12 in the year-ago period. The average realized gas price for the fourth quarter of 2004 was $5.85 per Mcf, 38% higher than the average realized gas price of $4.24 per Mcf in the fourth quarter of 2003.

 

 

 

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3 – Toreador Resources Corporation

 

 

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