Vintage Petroleum profits fall, sales rise

Journal Record, The (Oklahoma City), Feb 15, 2002

TULSA (JR) -- Vintage Petroleum on Thursday reported a drop in net income for 2001.

Net income for the year totaled $133.5 million, or $2.09 per share, down from $195.9 million, or $3.06 per share, for 2000. The 2000 earnings were a record for the Tulsa-based company.

Revenues for the year totaled $909.2 million, up from $806.2 million for 2000.

Net income for the fourth quarter totaled $4.3 million, or 7 cents per share, down from $72 million, or $1.12 per share, for the fourth quarter of 2000.

Revenues for the fourth quarter totaled $188 million, down from $257.5 million a year earlier.

Despite record production and oil and gas revenues for 2001, lower realized oil prices and higher non-cash charges for depreciation, depletion and amortization of oil and gas properties and goodwill reduced net income.

Total production for the year totaled a record 34.6 million equivalent barrels, up 20 percent from 28.8 million equivalent barrels in 2000. Oil production rose 11 percent to 22 million barrels and gas production was up 41 percent to 75.6 billion cubic feet.