Toreador Reports Fiscal Year and 4Q06 Earnings
For the twelve months of 2006, Toreador's oil and gas production was approximately 741 thousand barrels of oil equivalent (MBOE) compared to 624 MBOE for the twelve months of 2005. The average realized price in 2006 was $53.96 per barrel of oil equivalent (BOE) compared to $49.86 per BOE for in 2005. The average realized price of oil for the twelve months of 2006 was $60.90 compared to $50.17 for the twelve months of 2005. The average realized price of natural gas for the year ended December 31, 2006 was $4.96 per thousand cubic feet (MCF) compared to $7.56 per MCF for the twelve months ended December 31, 2005.
FOURTH QUARTER RESULTS
($ millions, except where noted) Q4 2006 Q4 2005 Change (units) Change (%) --------- --------- -------------- ---------- Revenue $9.6 $8.5 1.1 13% Operating income (loss) (3.9) 1.4 (5.3) -379% EBITDAX(1) 5.0 5.3 (0.3) -6% Income (loss) available to common shares (7.7) 5.3 (13.0) -245% Basic income per share ($/share) $(0.50) $0.35 (0.85) -243% Diluted income per share ($/share) $(0.50) $0.32 (0.82) -256% Production (MBOE) 206 163 43 26%
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 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)(1) 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 $8.73 per MCF for the same period last year.
Twelve months ended December 31, 2006 ------------------- ($ millions, except where noted) 2006 2005 Change (units) Change (%) --------- --------- -------------- ---------- Revenue $40.4 $31.1 9.3 30% Operating income 5.3 6.2 (0.9) -15% EBITDAX(1) 22.3 16.6 5.7 34% Income available to common shares 2.3 9.9 (7.6) -77% Basic income per share ($/share) $0.15 $0.69 (0.54) -78% Diluted income per share ($/share) $0.15 $0.65 (0.50) -77% Production (MBOE) 741 624 117 19%
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