-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JQFDWBS8ZHUB4v/WmkEsZEHk2J1A1U7kIbz7sMMVl+cMiOZYBjuMZAP4lCJnjzT2 YX+tviHURzxqj8QNDEBQyQ== 0001009404-00-000016.txt : 20000504 0001009404-00-000016.hdr.sgml : 20000504 ACCESSION NUMBER: 0001009404-00-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000502 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRITON ENERGY LTD CENTRAL INDEX KEY: 0001009404 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11675 FILM NUMBER: 617729 BUSINESS ADDRESS: STREET 1: CALEDONIAN HOUSE,JENNETT STREET STREET 2: P.O. BOX 1043, GEORGE TOWN,GRAND CAYMAN CITY: CAYMAN ISLANDS BUSINESS PHONE: (345)949-0 MAIL ADDRESS: STREET 1: CALEDONIAN HOUSE MARY ST PO BOX 1043 STREET 2: GEORGE TOWN GRAND CAYMAN CITY: CAYMAN ISLANDS STATE: E9 ZIP: 75206 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 2, 2000 ------------------- TRITON ENERGY LIMITED ------------------------ (Exact name of registrant as specified in its charter) Cayman Islands 1-11675 None ----------------------------- ---------------- -------------------- (State or other jurisdiction of (Commission (IRS Employer incorporation) File Number) Identification No.) Caledonian House, Jennett Street P.O.Box 1043 George Town Grand Cayman, Cayman Islands NA -------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (345) 949-0050 -------------------------- N/A (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On May 2, 2000, Triton Energy Limited (the "Company") issued a press release reporting financial results for the quarter ended March 31, 2000. A copy of the press release is filed as an exhibit to this Current Report on Form 8-K. In April 2000, a lawsuit was filed in the High Court of Malaya at Kuala Lumpur against Carigali-Triton Operating Company Sdn. Bhd. ("CTOC"), the Malaysia-Thailand Joint Authority and Technip Geoproduction (M) Sdn. Bhd. ("Technip") by Pertiwi Ulung Sdn. Bhd. ("Pertiwi"). CTOC is the operating company owned by Petronas Carigali (JDA) Sdn. Bhd., a subsidiary of the Malaysian national oil company, the Company and BP to operate their interest in Block A-18 of the Malaysia-Thailand Joint Development Area in the Gulf of Thailand. The lawsuit relates to the award by CTOC of the engineering, procurement and construction ("EPC") contract to a consortium of companies, including Technip, for the Cakerawala Field gas-development project. Pertiwi allegedly was to be a subcontractor for a consortium that was an unsuccessful bidder for the EPC contract. In this lawsuit, Pertiwi alleges, among other things, irregularities in the bidding process that favored the Technip consortium, and seeks an order from the court to have the award of the EPC contract to Technip set aside, to force CTOC to conduct a new bidding process among the four final bidders and the award of an unspecified amount of damages. CTOC believes it acted appropriately in the conduct of the bid process and intends to defend this lawsuit vigorously. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. Exhibit No. Description - ----------- ----------- 99.1 Press Release dated May 2, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRITON ENERGY LIMITED Date: May 3, 2000 By: /s/W. Greg Dunlevy ---------------------------- W. Greg Dunlevy, Vice President, Finance and Treasurer EX-99.1 2 Exhibit 99.1 TRITON ENERGY REPORTS FIRST-QUARTER 2000 EARNINGS PER DILUTED SHARE OF $0.45 DALLAS, TEXAS - May 2, 2000 - Triton Energy Limited (NYSE: OIL) today reports first-quarter 2000 earnings of $26.4 million, or $0.73 per basic share and $0.45 per diluted share, compared with first-quarter 1999 earnings of $1.7 million, or $0.05 per basic share and $0.03 per diluted share. First-quarter 1999 results include a $1.2 million charge for restructuring and cost-reduction efforts. Results for both periods are reported after dividends on the Company's 5% convertible preference shares. The Company's 8% convertible preference shares were included in the calculation of diluted shares outstanding for both quarters. First-quarter 2000 revenues were $74.5 million, a 52% increase over revenues of $49.2 million for the first quarter of 1999. The substantial improvement in Triton's results was primarily due to the dramatic rebound in oil prices compared with the year-ago period. Triton's realized oil price per barrel averaged $23.09, 87% above the average realized oil price per barrel of $12.37 in the first quarter of 1999. "We are pleased with Triton's improved operational and financial performance in the first quarter," said James C. Musselman, Triton President and Chief Executive Officer. "Our achievements during the quarter included finalizing a development plan and signing all key contracts to facilitate initial oil production this year from the Ceiba Field offshore West Africa. Along with sustained strong oil prices, our project management expertise, top-notch technical team, capital discipline and financial strength should help us continue to create value for our investors." At the end of the first quarter, Triton's delivery requirement under the forward oil sale was completed. Consequently, approximately 750,000 barrels of additional oil production will be available for sale each quarter, or about an additional $19 million in pre-tax cash flow at current oil prices. (more) OPERATIONS UPDATE Production from the Cusiana and Cupiagua fields in Colombia averaged 364,000 barrels of oil per day (BOPD) during the first-quarter 2000, following an average production rate for the year 1999 of 430,000 BOPD. Triton attributed this decline to lower production than forecasted by the fields' operator. The operator expects the production rate will improve during the year as it drills and completes additional wells and performs well maintenance. Triton's first well on the Recetor license, the Liria YD-2, is producing at a limited flow rate pending additional perforations and a hydraulic fracture. A preliminary development plan for Recetor, which contains a northern extension of the Cupiagua Field, calls for about two wells to be drilled annually during the next few years. Offshore Equatorial Guinea, the Ceiba-3 appraisal well was spudded May 1 by Global Marine's drillship R.F. Bauer. Triton anticipates the well reaching target depth in about 30 days. A second rig, the Sedco 700, is expected to arrive on site by early June to drill and/or complete wells. Additional wells will be drilled and completed by the Bauer drillship and Sedco rig as part of Triton's accelerated development program for the field. Production components, including the floating production, storage and offloading vessel, are being manufactured and/or refurbished at several locations worldwide. About 8%, or 350 square kilometers, of the 3D seismic acquired over the Ceiba Field has been processed and is being analyzed by Triton. The remaining seismic data, approximately 3,850 square kilometers, is being processed and should be available by the end of May for Triton's analysis. The information gleaned from the seismic data is helping the Company better determine future well-site locations and prospectivity. In late March, the Company announced it had increased its 2000 capital spending program by $22 million to $213 million to accelerate appraisal and development activity on its Equatorial Guinea acreage. Triton previously announced that it anticipates first oil production from the Ceiba Field by year-end. DIVIDENDS Dividends on Triton's 5% convertible preference shares, approximately $0.2 million, are paid in the first and third quarters. Dividends on the Company's 8% convertible preference shares, approximately $14.5 million, are paid in the second and fourth quarters. (more) INTERNET TELECONFERENCE Triton will hold an Internet teleconference today, May 2, 2000, at 11:30 a.m. Eastern time. The teleconference is open to the public and may be accessed over the Internet at the following address: www.videonewswire.com/TRITON/050200. ----------------------------------- (Please note that TRITON must be typed in all capital letters for site access.) ABOUT TRITON Triton Energy Limited is a Dallas-based international oil and gas exploration and production company with major oil and gas assets in Latin America, Southeast Asia and West Africa. More information about Triton may be found at the Company's web site, www.tritonenergy.com. -------------------- # # # SAFE HARBOR STATEMENT: Certain statements in this news release, as well as written and oral statements made from time to time by Triton and its representatives in other reports, filings with the Securities and Exchange Commission, news releases, conferences, teleconferences or otherwise, regarding future expectations and financial performance may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Litigation Reform Act. These "forward-looking statements" include statements regarding future cash flow and production, drilling schedules and the number of wells to be drilled, estimates of first gas production from the Cakerawala Field, the availability of seismic data and estimates of first oil production from the Ceiba Field. These statements are subject to various risks and uncertainties, such as the timely completion and cost of exploration, appraisal and development activities, contract performance by third parties and quarterly fluctuations in results. These are discussed in detail in the Company's Securities and Exchange Commission filings, including its report on Form 10-K for the year ended December 31, 1999. Actual results may vary materially. Investor Contact: Crystal C. Bell, Director, Investor Relations and Corporate Communications Triton Energy (214) 691-5200 Media Contact: Mark Semer Kekst and Company (212) 521-4802 TABLES FOLLOW TRITON ENERGY LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (PRELIMINARY UNAUDITED)
THREE MONTHS ENDED MARCH 31, ------------------------------ 2000 1999 -------------- -------------- Oil and gas sales $ 74,505 $ 49,170 Costs and expenses: Operating 15,831 18,976 General and administrative 4,575 4,935 Depreciation, depletion and amortization 14,009 15,371 Special charges --- 1,220 34,415 40,502 -------------- -------------- Operating income 40,090 8,668 Interest income 2,777 2,578 Interest expense, net (4,750) (5,983) Other income (expense), net (1,042) 923 -------------- -------------- (3,015) (2,482) -------------- -------------- Earnings before income taxes 37,075 6,186 Income tax expense 10,551 4,299 -------------- -------------- Net earnings 26,524 1,887 Dividends on preference shares 163 180 -------------- -------------- Earnings applicable to ordinary shares $ 26,361 $ 1,707 ============== ============== Average ordinary shares outstanding 35,895 36,663 ============== ============== Basic earnings per ordinary share $ 0.73 $ 0.05 ============== ============== Average dilutive shares outstanding 58,476 56,239 ============== ============== Diluted earnings per ordinary share $ 0.45 $ 0.03 ============== ==============
TRITON ENERGY CONDENSED CONSOLIDATED FINANCIAL INFORMATION (PRELIMINARY UNAUDITED)
MARCH 31, DEC. 31, 2000 1999 --------- --------- (in thousands) Cash and cash equivalents $ 200,933 $ 186,323 Current maturities of long-term debt 9,110 9,027 Long-term debt, excluding current maturities 400,039 404,460 Shareholders' equity 494,869 463,052 Total ordinary shares outstanding 36,142 35,764 Average diluted ordinary shares outstanding 58,476 36,197
CONSOLIDATED OIL PRODUCTION STATISTICS - ----------------------------------------- (NET TO TRITON) - -----------------
THREE MONTHS ENDED MARCH 31, ------------------------------ 2000 1999 ------------ ------------ Average revenue realized per Bbl* $ 23.09 $ 12.37 Sales volumes - Bbls/day 27,022 35,622 Forward oil sale deliveries - Bbls/day 8,374 8,467 -------------------------------------- ----------- ------------ Total revenue Bbls/day 35,396 44,089 =========== ============ * Includes Ecopetrol reimbursement barrels and oil delivered under the forward oil sale.
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