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Enron profit tops forecast
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April 13, 1999: 9:50 a.m. ET
Oil, natural gas producer's earnings sink to 3 cents a share in first quarter
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NEW YORK (CNNfn) - Enron Oil & Gas Co. said its first-quarter earnings fell to $5.1 million, or 3 cents a share, from $27 million, or 17 cents share, a year earlier.
Still, the results beat expectations of analysts surveyed by First Call, who anticipated the Houston-based company would lose 6 cents a share.
The natural gas and oil producer said the latest quarter included non-recurring income of $18.2 million, or 12 cents a share, after tax. The year-ago quarter included the sale of assets, net, and non-recurring tax benefits of $16.8 million after tax, or 11 cents a share.
For the third consecutive quarter, average natural gas deliveries exceeded 1.0 billion cubic feet per day, compared with 901 million a year ago, Enron (EOG) said.
In an indication of falling prices affecting the industry, North American crude oil prices received by Enron were $11.39 per barrel for the first quarter, down 22 percent from $14.55 a year ago.
The first quarter of 1999 included a $28 million pre-tax, or $18.2 million, after tax, gain in other income from the sale of 1.6 million in Enron common stock options.
Discretionary cash flow decreased from $124 million in the first quarter of 1998 to $74.1 million for the first quarter of 1999, the company said. Net operating revenues decreased to $159.0 million in the first quarter from $199.8 million a year ago, largely due to the approximate 20 percent lower prices in the first quarter of 1999.
Enron stock was up 1/8 Tuesday morning to 17. 
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Enron
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