<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
Commission file number 1-13446
Barrett Resources Corporation
(Exact name of registrant as specified in its charter)
Delaware 84-0832476
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
1515 Arapahoe Street,
Tower 3,
Suite 1000
Denver, Colorado
(Address of principal executive offices)
80202
(Zip Code)
(303) 572-3900
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [_]
There were 32,681,143 shares of the registrant's $.01 par value common stock
outstanding as of May 11, 2000.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
BARRETT RESOURCES CORPORATION
INDEX
<TABLE>
<CAPTION>
Page
----
<C> <S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheets--March 31, 2000 and
December 31, 1999........................................... 3
Consolidated Condensed Statements of Income--Three Months
Ended March 31, 2000 and 1999............................... 4
Consolidated Condensed Statements of Cash Flows--Three
Months Ended March 31, 2000 and 1999........................ 5
Management's Discussion and Analysis of Financial Condition
Item 2. and Results of Operations 9
Item 3. Quantitative and Qualitative Disclosures About Market Risk.. 11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K............................ 13
</TABLE>
2
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BARRETT RESOURCES CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents........................... $ 8,007 $ 20,634
Receivables, net.................................... 146,470 99,906
Inventory........................................... 9,624 22,934
Other current assets................................ 26,020 11,048
-------- --------
Total current assets.............................. 190,121 154,522
Property and equipment, net........................... 774,536 726,489
Other assets, net..................................... 2,701 3,290
-------- --------
$967,358 $884,301
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable.................................... $131,029 $ 94,293
Amounts payable to oil and gas property owners...... 9,622 5,879
Production taxes payable............................ 26,102 22,981
Accrued and other liabilities....................... 13,947 16,610
-------- --------
Total current liabilities......................... 180,700 139,763
Long-term debt........................................ 384,595 355,250
Deferred income taxes................................. 30,185 25,640
Stockholders' equity:
Preferred stock, $.001 par value: 1,000,000 shares
authorized, none outstanding....................... -- --
Common stock, $.01 par value: 45,000,000 shares
authorized; 32,605,464 issued (32,589,774 at
December 31, 1999)................................. 326 326
Additional paid-in capital.......................... 271,963 271,560
Retained earnings................................... 99,589 91,762
Treasury stock...................................... -- --
-------- --------
Total stockholders' equity........................ 371,878 363,648
-------- --------
$967,358 $884,301
======== ========
</TABLE>
See accompanying notes.
3
<PAGE>
BARRETT RESOURCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended
-------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
Revenues:
Oil and gas production.................................... $63,363 $43,801
Trading revenues, net..................................... 298 15,085
Interest income........................................... 207 195
Other income.............................................. 1,907 828
------- -------
65,775 59,909
Operating expenses:
Lease operating expenses.................................. 14,019 13,367
Depreciation, depletion and amortization.................. 25,211 23,691
General and administrative................................ 7,825 5,068
Interest expense.......................................... 6,097 5,366
------- -------
53,152 47,492
------- -------
Income for the period before income taxes................... 12,623 12,417
Provision for income taxes.................................. 4,797 4,718
------- -------
Net income for the period................................... $ 7,826 $ 7,699
======= =======
Earnings per common share
Basic..................................................... $ 0.24 $ 0.24
======= =======
Assuming dilution......................................... $ 0.24 $ 0.24
======= =======
</TABLE>
See accompanying notes.
4
<PAGE>
BARRETT RESOURCES CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
--------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
Cash flows from operations:
Net income............................................... $ 7,826 $ 7,699
Adjustments needed to reconcile to net cash provided by
operations:
Depreciation, depletion and amortization............... 25,312 23,800
Deferred income taxes.................................. 4,545 4,470
Unrealized loss on trading............................. 1,029 --
-------- --------
38,712 35,969
Change in current assets and liabilities:
Accounts receivable.................................. (38,761) 36,016
Other current assets................................. (2,183) 3,633
Accounts payable..................................... 36,736 (19,469)
Amounts due oil and gas owners....................... (4,060) (2,922)
Production taxes payable............................. 3,121 1,114
Accrued and other liabilities........................ (2,508) (2,108)
-------- --------
Net cash flow provided by operations....................... 31,057 52,233
-------- --------
Cash flows from investing activities:
Proceeds from sale of oil and gas properties............. 16,377 185
Acquisition of property and equipment.................... (89,655) (18,587)
-------- --------
Net cash flow used in investing activities................. (73,278) (18,402)
-------- --------
Cash flows from financing activities:
Borrowings under line of credit.......................... 58,000 --
Proceeds from issuance of common stock................... 403 1,183
Payments under line of credit............................ (28,000) (35,000)
Payments on other long-term debt......................... (809) (897)
-------- --------
Net cash flow used in financing activities................. 29,594 (34,714)
-------- --------
Decrease in cash and cash equivalents...................... (12,627) (883)
Cash and cash equivalents at beginning of period........... 20,634 14,339
-------- --------
Cash and cash equivalents at end of period................. $ 8,007 $ 13,456
======== ========
</TABLE>
See accompanying notes.
5
<PAGE>
BARRETT RESOURCES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
March 31, 2000
1. UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments necessary to present
fairly the financial position of Barrett Resources Corporation and its
subsidiaries, collectively referred to as the "Company", as of March 31, 2000
and the results of operations and cash flows for the periods presented. All
such adjustments are of a normal recurring nature. The results of operations
for the periods presented are not necessarily indicative of the results for
the full year.
The accounting policies followed by the Company are set forth in Note 1 to
the Company's financial statements in Form 10-K for the year ended December
31, 1999. These financial statements should be read in conjunction with the
financial statements and notes included in the Form 10-K.
Certain reclassifications have been made to 1999 amounts to conform to the
2000 presentation.
2. INCOME TAXES
Provisions for income taxes were calculated in accordance with Statement of
Financial Accounting Standards No. 109 which provides that a deferred tax
liability or asset be determined based on the timing differences between the
basis used for financial versus tax reporting of assets and liabilities as
measured by the effective tax rates. For the quarter ended March 31, 2000, the
Company used an estimated effective tax rate of 38 percent.
3. LONG-TERM DEBT
The Company's long-term debt consists of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
--------- ------------
<S> <C> <C>
Line of Credit........................................ $230,000 $200,000
7.55% Senior Notes.................................... 150,000 150,000
Production Payments................................... 8,560 9,369
-------- --------
Total............................................... 388,560 359,369
Less: current portion................................. 3,965 4,119
-------- --------
Long-term debt........................................ $384,595 $355,250
======== ========
</TABLE>
As of March 31, 2000 the Company's effective interest rate, on an
outstanding balance of $230 million on its line of credit, was 6.37% per
annum.
Total interest expense paid for the quarter ended March 31, 2000 was $9.7
million, of which $1.1 million was capitalized.
6
<PAGE>
BARRETT RESOURCES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS--(Continued)
March 31, 2000
4. EARNINGS PER SHARE
Earnings per share ("EPS") is based on the weighted-average number of common
shares outstanding (referred to as basic earnings per share) and earnings per
share giving effect to all dilutive potential common shares that were
outstanding during the reporting period (referred to as diluted earnings per
share or earnings per share-assuming dilution).
The following data show the amounts used in computing earnings per share and
the effect on income and the weighted average number of shares of dilutive
potential common stock.
<TABLE>
<CAPTION>
Three Months Ended
-------------------
March 31, March 31,
2000 1999
--------- ---------
(in thousands)
<S> <C> <C>
Income available to common stockholders................ $7,826 $7,699
====== ======
Weighted average number of common shares used in basic
EPS................................................... 32,600 32,032
Effect of dilutive securities:
Stock options........................................ 288 43
Written put option................................... -- 150
------ ------
Weighted number of common shares and dilutive potential
common stock used in EPS--assuming dilution........... 32,888 32,225
====== ======
</TABLE>
5. RECENTLY ISSUED ACCOUNTING STANDARDS
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133 ("SFAS 133"), "Accounting for
Derivative Instruments and Hedging Activities". SFAS 133 establishes
accounting and reporting standards requiring that every derivative instrument
(including certain derivative instruments embedded in other contracts) be
recorded in the balance sheet as either an asset or liability measured at its
fair value. It also requires that changes in the derivative's fair value be
recognized currently in earnings unless specific hedge accounting criteria are
met. Special accounting for qualifying hedges allows a derivative's gains and
losses to offset related results on the hedged item in the income statement,
and requires that a company must formally document, designate, and assess the
effectiveness of transactions that receive hedge accounting. Statement of
Financial Accounting Standards No. 137, issued in 1999, delayed the adoption
of SFAS 133. The adoption of SFAS 133 will be January 1, 2001 for the Company.
The Company has not yet quantified the impacts of adopting SFAS 133 on its
financial statements and has not determined the timing of or method of
adoption of SFAS 133. However, SFAS 133 could increase volatility in earnings
and other comprehensive income.
6. BUSINESS SEGMENT INFORMATION
The Company operates principally in two business segments: natural gas
trading and oil and gas exploration and production. In addition to marketing
its own gas, the Company engages in natural gas trading activities,
7
<PAGE>
BARRETT RESOURCES CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS--(Continued)
March 31, 2000
which involves purchasing natural gas from third parties and selling natural
gas to other parties at prices and volumes that management anticipates will
result in profits to the Company.
The Company evaluates segment performance based on the profit or loss from
operations before income taxes. Corporate general and administrative expenses
are unallocated, except for certain direct costs associated with the Company's
trading activity. Consolidated and segment financial information is as
follows:
<TABLE>
<CAPTION>
Quarter ended March 31, 2000
----------------------------------------------------
Natural
Gas Oil & Gas Segment Corporation
Trading E&P Total & Unallocated Consolidated
------- --------- ------- ------------- ------------
(in thousands)
<S> <C> <C> <C> <C> <C>
Revenues................. $ 298 $63,455 $63,753 $ 1,815 $65,568
Interest Income.......... 0 0 0 207 207
----- ------- ------- -------- -------
Total Revenues......... 298 63,455 63,753 2,022 65,775
DD&A..................... 0 24,106 24,106 1,105 25,211
Profit (loss)............ (104) 25,330 25,226 (12,603) 12,623
Expenditures for assets,
net..................... 0 73,003 73,003 275 73,278
</TABLE>
<TABLE>
<CAPTION>
Quarter ended March 31, 1999
----------------------------------------------------
Natural
Gas Oil & Gas Segment Corporation
Trading E&P Total & Unallocated Consolidated
------- --------- ------- ------------- ------------
(in thousands)
<S> <C> <C> <C> <C> <C>
Revenues................. $15,085 $43,835 $58,920 $ 794 $59,714
Interest Income.......... 0 0 0 195 195
------- ------- ------- -------- -------
Total Revenues......... 15,085 43,835 58,920 989 59,909
DD&A..................... 0 22,603 22,603 1,088 23,691
Profit (loss)............ 14,726 7,865 22,591 (10,174) 12,417
Expenditures for assets,
net..................... 0 18,140 18,140 262 18,402
</TABLE>
Net trading revenue was $.3 million and $15.1 million for the respective
quarters ended March 31, 2000 and 1999. For the quarter ended March 31, 2000,
revenues from trading were $274.7 million compared to $176.4 million for the
same period in 1999. The associated costs of trading increased to $274.4
million from $161.3 million. Included in the first quarter 2000 net trading
revenues is an unrealized mark-to-market loss of approximately $1.1 million.
8
<PAGE>
BARRETT RESOURCES CORPORATION
For the Quarter Ended
March 31, 2000
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
For the three months ended March 31, 2000, total assets increased $83.1
million, or 9.4 percent, to $967.4 million as compared with total assets of
$884.3 million at December 31, 1999. This increase in assets is attributable
to an acquisition of additional working interest in certain Piceance Basin gas
properties and all of the outstanding joint venture interest in a related gas
gathering system, processing plant and pipeline from general industry partners
and an increase in receivables of $46.6 million. Cash and cash equivalents
decreased $12.6 million to $8.0 million, working capital decreased $5.4
million to $9.4 million, and net property and equipment increased $48.0
million to $774.5 million.
Operating cash flows before working capital adjustments totaled $38.7
million in the first quarter of 2000 compared with $36.0 million in the first
quarter of 1999. After working capital adjustments, cash flow provided by
operations decreased by $21.2 million to $31.1 million as compared with the
same period in 1999. The change in cash flow between comparable periods is
principally attributed to 1) increases in the Company's receivables that are
associated with higher production levels and higher natural gas and crude oil
prices, and 2) partial utilization of the Company's operating funds to finance
an acquisition in the first quarter of 2000.
Capital expenditures of $89.7 million for the quarter represent an increase of
$71.1 million from the same period in 1999. These expenditures consisted
principally of drilling and development activities and acquisitions of oil and
gas properties. Of these expenditures, $52.9 million (59 percent) was invested
in the Piceance Basin (including acquisitions noted above), $16.8 million (19
percent) in the Powder River Basin--Coal Bed Methane area and $14.2 million
(16 percent) in the Wind River Basin. In March 2000, the Company received
$16.3 million for the sale of its interest in certain oil and gas properties
located in the Permian Basin. The capital expenditure budget for 2000 is
approximately $145 million compared to $130 million in 1999. Management
continues to be sensitive to fluctuations in natural gas and oil prices and
will reassess the future capital expenditure levels relative to such
fluctuations and the Company's cash flow and its level of debt.
The Company plans to continue actively acquiring, exploring and developing
oil and gas properties. The Company expects cash flow from its producing
properties together with its borrowing capacity to be sufficient to fund its
anticipated capital and operating requirements, including any contingencies.
Additional funding alternatives, including sales of non-core area properties,
will be considered to secure other funds for capital development. The Company
intends to continue to use financial leverage to fund its operations as
investment opportunities become available on terms that management believes
warrant investment of the Company's capital resources.
The Company's operating results are directly affected by oil and gas prices.
Oil and gas prices also affect the reserve values used in determining the
"ceiling test" limitation for the Company's capitalized oil and gas property
costs accounted for under the full cost method. Should the net capitalized
costs of the Company's oil and gas properties exceed the estimated present
value of future net cash flows from proved oil and gas reserves, such excess
costs would be recognized as an impairment and charged to current expense. A
decline in oil and gas sales prices could possibly result in the recognition
of an impairment expense in future periods.
9
<PAGE>
Results of Operations
Net income for the quarters ended March 31, 2000 and 1999 was $7.8 million
($.24 per share, assuming dilution) and $7.7 million ($.24 per share, assuming
dilution), respectively.
Total revenues for the quarter were $65.8 million up 10 percent compared to
$59.9 million for the same period in 1999. This change is principally
attributed to a 45% increase in gas production revenues and a $14.8 million
decrease in net trading revenues.
Production revenue for the first quarter of 2000 increased 45 percent from
$43.8 million to $63.4 million. Production revenues and related volumes and
average prices during the periods presented were as follows:
<TABLE>
<CAPTION>
Quarter Ended
-------------------
March 31, March 31,
2000 1999
--------- ---------
<S> <C> <C>
Gas Revenues (000's)..................................... $57,551 $39,661
Gas Production (Bcf)..................................... 28.8 23.2
Average Price per Mcf.................................... $ 2.00 $ 1.71
Oil Revenues (000's)..................................... $ 5,812 $ 4,140
Oil Production (MBbls)................................... 231 418
Average Price per Barrel................................. $ 25.16 $ 9.90
</TABLE>
(Note: Bcf = billion cubic feet; Mcf = thousand cubic feet; MBbls = thousand
barrels.)
First quarter gas revenues increased 45 percent as compared with the same
period in 1999, due to a 24 percent increase in gas production volume and a 17
percent increase in average prices.
The 40 percent increase in first quarter 2000 oil revenues from the same
period in 1999 is attributed to a 154 percent increase in average oil prices
partially offset by a 45 percent decrease in oil production volumes.
Effective for the first quarter ending March 31, 2000, the Company commenced
reporting its trading activities on a net basis (trading revenues net of
associated costs). Trading activities for the same period in 1999 have been
restated to conform to the 2000 presentation. The Company's net revenues for
trading activities for the first quarter ending March 31, 2000 and 1999 were
$.3 million and $15.1 million, respectively, on gross revenues of $274.7
million and $176.4 million, respectively. Favorable realized financial
positions and higher margins on sales of lower average cost natural gas
storage volumes contributed to higher net trading revenues in 1999. Trading
costs increased to $274.4 million in the first quarter of 2000 compared with
$161.3 million in same period in 1999. Included in the first quarter 2000 net
trading revenues is an unrealized mark-to-market loss of approximately $1.1
million.
To reduce its exposure to volatile gas prices fluctuations, the Company
enters into hedging arrangements for both trading and producing activities.
During the first quarter ended March 31, 2000, the Company recognized net
production hedging loss of approximately $4.7 million which was recorded in
the consolidated statements of income as adjustments to gas production
revenue. The Company realized net hedging loss on its trading activities of
approximately $.6 million during the first quarter.
Depreciation, depletion and amortization decreased in the first quarter of
2000 to $25.2 million from $23.7 million in 1999.
10
<PAGE>
Interest expense for the first quarter increased from $5.4 million in 1999
to $6.1 million in 2000 due to higher debt levels for the first quarter of
2000 compared with the same period in 1999.
The Company's sources of operating income are from trading activities and
oil and gas production. The levels of the Company's revenues and earnings from
gas and oil production and trading activities are affected by prices at which
natural gas and oil are being sold. This is particularly true with respect to
natural gas, which accounted for approximately 91 percent of the Company's
production revenue and all of its trading activities for the first quarter of
2000. As a result, the Company's operating results for any prior period are
not necessarily indicative of future operating results because of the
fluctuations in gas and oil prices and the lack of predictability of those
fluctuations as well as changes in production levels.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Commodity Price Risk
Commodity financial instruments are intended to reduce the Company's
exposure to declines in the market price of natural gas and oil. Such
instruments may also limit the Company's gain from increases in the market
price of natural gas and oil. Fluctuations or changes in the settlement values
of commodity financial instruments are generally offset by similar changes in
the realized price of natural gas and oil.
The Company uses commodity derivative financial instruments, including
futures and swaps, to reduce the effect of natural gas price volatility on a
portion of its natural gas production. Commodity swap agreements are generally
used to fix a price at the natural gas market location or to fix a price
differential between the price of natural gas at Henry Hub and the price of
gas at its market location. Settlements are based on the difference between a
fixed and a variable price as specified in the agreement. The following table
summarizes the Company's derivative financial instrument position on its
natural gas production as of March 31, 2000. The Company does not have in
place as of March 31, 2000 any hedging position for its future oil production.
The fair value of these instruments reflected in the table below is the
estimated amount that the Company would receive or (pay) to settle the
contracts as of March 31, 2000. Actual settlement of these instruments when
they mature will differ from these estimates reflected in the table. Gains or
losses realized from these instruments hedging the Company's production are
expected to be offset by changes in the actual sales price received by the
Company for its natural gas production.
<TABLE>
<CAPTION>
Price Range
For the year Bcf Per MMBtu Fair Value
------------ ---- -------------- --------------
<S> <C> <C> <C>
2000 16.2 $1.71 -- $2.83 $(15.5) million
2001 21.2 $1.71 -- $1.79 $(17.0) million
2002 22.6 $1.71 -- $1.79 $(15.7) million
2003 3.5 $1.71 -- $1.79 $( 3.2) million
</TABLE>
The Company also uses commodity derivative financial instruments and
contracts for the purchase and sale of natural gas at both fixed and indexed
based prices in its trading activities. The financial instruments seek to
reduce sensitivity to price movements, to lock in margins on its trading
positions and to hedge the value of stored gas. The following table summarizes
the Company's derivative positions on its natural gas trading activities as of
March 31, 2000. The fair value of these instruments reflects the estimated
amounts that the Company would receive or (pay) to settle the contracts as of
March 31, 2000. Actual settlement of these instruments as they mature will
differ from these estimates.
11
<PAGE>
<TABLE>
<CAPTION>
Price Range
For the year Bcf Per MMBtu Fair Value
------------ ----- -------------- -------------
<S> <C> <C> <C>
2000 872.3 $1.60 -- $3.24 $ 2.4 million
2001 324.1 $1.86 -- $3.312 $ 2.7 million
2002 151.1 $2.10 -- $3.10 $ .6 million
2003 83.9 $2.252 -- $2.833 $ .9 million
2004 60.0 $2.252 -- $2.465 $ 1.0 million
Thereafter 33.1 $2.252 -- $2.465 $ 1.7 million
</TABLE>
Interest Rate Risk
The Company's use of fixed and variable rate long-term debt to partially
finance capital expenditures exposes the Company to market risk related
changes in interest rates. As of March 31, 2000, there have been no material
changes in the Company's interest rate risk exposure, from that disclosed in
the 1999 Form 10-K.
This report contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Although the Company believes that the expectations
reflected in the forward-looking statements and the assumptions upon which
such forward-looking statements are based are reasonable, it can give no
assurance that such expectations and assumptions will prove to have been
correct. See the Company's Annual Report on Form 10-K for additional
statements concerning important factors that could cause actual results to
differ materially from the Company's expectations.
12
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a)The following Exhibit is filed as part of this Quarterly Report on Form
10-Q:
27.1 Financial Data Schedule
(b)There were no reports on Form 8-K filed during the quarter ended March 31,
2000.
13
<PAGE>
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 thereunto duly authorized.
Barrett Resources Corporation
/s/ Peter A. Dea
May 12, 2000 By __________________________________
Peter A. Dea
Chairman of the Board
and Chief Executive Officer
/s/ J. Frank Keller
May 12, 2000 By __________________________________
J. Frank Keller
Chief Financial Officer
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 8,007
<SECURITIES> 0
<RECEIVABLES> 147,487
<ALLOWANCES> 1,017
<INVENTORY> 9,624
<CURRENT-ASSETS> 190,121
<PP&E> 1,425,279
<DEPRECIATION> 650,743
<TOTAL-ASSETS> 967,358
<CURRENT-LIABILITIES> 180,700
<BONDS> 384,595
0
0
<COMMON> 326
<OTHER-SE> 371,552
<TOTAL-LIABILITY-AND-EQUITY> 967,358
<SALES> 63,661
<TOTAL-REVENUES> 65,771
<CGS> 39,230
<TOTAL-COSTS> 39,230
<OTHER-EXPENSES> 7,825
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,097
<INCOME-PRETAX> 12,623
<INCOME-TAX> 4,797
<INCOME-CONTINUING> 7,826
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,826
<EPS-BASIC> .24
<EPS-DILUTED> .24
</TABLE>
